<SEC-DOCUMENT>0001292814-11-001066.txt : 20110414
<SEC-HEADER>0001292814-11-001066.hdr.sgml : 20110414
<ACCEPTANCE-DATETIME>20110414105758
ACCESSION NUMBER:		0001292814-11-001066
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20101231
FILED AS OF DATE:		20110414
DATE AS OF CHANGE:		20110414

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		11758787

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K/A
<SEQUENCE>1
<FILENAME>siddf4q10_6ka.htm
<DESCRIPTION>DF 4Q10
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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Washington, D.C. 20549 </B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>FORM 6-K/A </B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Report of Foreign Private Issuer<BR>Pursuant to Rule 13a-16 or 15d-16 of the</FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Securities Exchange Act of 1934</FONT></DIV>

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<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of April, 2011</B></FONT></DIV>

<P></P><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>COMPANHIA SIDER&#218;RGICA NACIONAL </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Exact name of registrant as specified in its charter) </FONT></DIV>

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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>National Steel Company </B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Av. Brigadeiro Faria Lima 3400, 20&#186; andar<BR>S&#227;o Paulo, SP, Brazil<BR>04538-132 </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Address of principal executive office)</FONT></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Indicate by check mark whether the registrant files or will file annual reports<BR>under cover Form 20-F or Form 40-F.&nbsp;</FONT>

<P></P>Form 20-F ___X___ Form 40-F _______

<P>&nbsp;<FONT size=3 face="Times New Roman, Times, Serif">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </FONT>&nbsp;</P>Yes _______ No ___X____

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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: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1-</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MESSAGE FROM MANAGEMENT</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Looking to the future means thinking about the present. That was how it was when CSN was founded 70 years ago &#8211; an&nbsp; ambitious project mobilizing a country that, more than ever, wanted to stand on its own two feet. Now, in 2011, a new decade of growth is ahead of us, bringing new ideas for the future. After seventy years of operations, CSN has confirmed its outstanding position in the world&#8217;s steel industry, in addition to playing an active and assertive role in the mining, cement, infrastructure and energy markets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>With an integrated production system, the Company operates throughout the entire steel production chain, putting it among the world&#8217;s most competitive and profitable companies. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, strong emerging-country growth contributed to the recovery of the global economy and Brazil was one of the leaders in this process, recording GDP growth of 7.5%, sustained by strong domestic consumption, in turn fueled by more jobs, higher income and the expansion of credit.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN&#8217;s strategy, focused on operational excellence and integration, led to robust financial and operating results. The Company posted record revenue of R$14.5 billion and gross profit of R$6.8 billion, 71% higher than in 2009, which are some of our 2010 results highlights.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the mining segment, CSN&#8217;s and Namisa&#8217;s production and third-party iron ore purchases totaled 32.8 million tonnes. We are positioned for growth, further increasing the importance of mining activities for CSN. Casa de Pedra and Namisa&#8217;s annual production capacities are scheduled to reach 70 million tonnes and 39 million tonnes, respectively, in the coming years. The concentration and pelletizing projects will contribute to this total capacity. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Rolled flat steel production increased by 15% and we are fully prepared to meet the strong demand from the construction industry, thanks to a more extensive range of diversified and innovative products. CSN Cimentos, whose production tripled in 2010, has a complete portfolio for the local construction market.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The administrative highlight was the consolidation of the project management area, which now has its own executive department. By subjecting projects to critical analysis, we can exercise greater control over the schedules and delivery periods of our works and projects. CSN invested a hefty R$3.6 billion in 2010, making it one of the biggest investors in Brazil and underlining its commitment to the country's development. The Transnordestina project received the lion&#8217;s share of these investments and currently employs more than 12,000 people.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition to our organic growth projects, supported by a comfortable cash position, the Company continues to pay attention to acquisition opportunities and strategic partnerships in all segments where it operates. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN&#8217;s seventieth anniversary is not just a celebration of time past &#8211; it also symbolizes how we use the present to build future of a nation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Enjoy your reading.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Benjamin Steinbruch</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Chairman of the Board of Directors</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2-</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>THE COMPANY</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Companhia Sider&#250;rgica Nacional is a highly integrated company whose operations cover the entire steel production chain, from the mining of iron ore to the production and sale of coils, tinplate and steel packaging. It also has interests in railways, port terminals, cement production and power generation. Founded in 1941, it began operations in 1946, pioneering the production of flat steel in Brazil and paving the way for the establishment of the national automotive sector. Privatized in 1993, it was entirely restructured, becoming one of the world&#8217;s most competitive and profitable steelmakers. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Thanks to its integrated production system and exemplary management, CSN&#8217;s production costs are among the lowest in the global steel sector. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company strives to maximize shareholder returns through integrated operations in five key areas: mining, steel, logistics, cement and power generation.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.1 &#8211; Mining </FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.1.1 &#8211; Iron Ore</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The commitment of the world&#8217;s leading economies to overcoming the crisis in the last two years was crucial to the economic recovery, even if the latter has been only partial.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As for iron ore, the recovery refragmented sales which had been concentrated in China, the world&#8217;s most important ore market, since 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Nevertheless, China remains a major player in the seaborne iron ore market. It is investing heavily in urbanization projects and domestic ore production is insufficient to meet demand, both in terms of volume and quality. In 2010, the country imported 619 million tonnes, accounting for 60% of total seaborne volume.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Brazil&#8217;s iron ore exports totaled 307 million tonnes in 2010, 15% more than in 2009 and their highest level for five years, according to the LBH Group.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As Brazil&#8217;s second largest exporter and currently implementing major logistics and port expansion projects, CSN&#8217;sales in 2010 were higher than in 2009. CSN&#8217;s total finished iron ore product sales from the Casa de Pedra mine and Namisa&nbsp; reached 25.3 million tonnes in 2010, 13% more than in 2009. Out of this total, exports accounted for 23.8 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition, the Company produced </FONT><FONT style="LINE-HEIGHT: 116%; BACKGROUND: white; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>6.9 million</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> tonnes for its own consumption.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.1.2 &#8211; Limestone </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Bocaina mine in Arcos, Minas Gerais, is responsible for supplying the limestone and dolomite consumed as fluxes by the Company&#8217;s Presidente Vargas Steelworks in Volta Redonda.&nbsp; In 2010, it supplied the Steelworks with around 1.8 million tonnes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Following the Company&#8217;s entry into the cement market, in 2011 the Arcos mine will also be supplying limestone for the production of clinker, an important input for the cement produced in Volta Redonda. As a result CSN&#8217;s operations will become even more integrated through the verticalization of production, thereby enhancing competitiveness and profitability. </FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.1.3 &#8211; Tin</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Tin, an essential tinplate raw material, is produced by ERSA - Estanho de Rond&#244;nia S.A., a Company subsidiary, which owns the Santa B&#225;rbara tin mine in Itapu&#227; do Oeste and a smelting plant in Ariquemes, both in the state of Rond&#244;nia. </FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.2 &#8211; Steelmaking</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Dominating the entire steel production chain, the Company supplies many segments of industry with a diversified range of high value-added products</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>. </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>It produces various types of </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>coated </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>galvanized </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>steels that are resistant to corrosion and less susceptible to international market price swings. The Company&#8217;s main markets are the automotive, construction, distribution, home appliance, OEM (capital goods, engines, etc), and metal packaging industries.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company has five galvanizing production lines in Brazil: three in the Presidente Vargas Steelworks, in Volta Redonda, one in Porto Real (Rio de Janeiro) and another in CSN Paran&#225;, in Arauc&#225;ria, which also has cold-rolling and pre-painting facilities.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company also has two overseas subsidiaries: CSN LLC, based in Terre Haute, Indiana, USA, which produces cold-rolled and galvanized products, and Lusosider, in Paio Pires, Portugal, which also produces flat coated steel.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>CSN is Brazil&#8217;s sole producer of tinplate, most of which is absorbed by the packaging industry, and one of the five largest producers in the world, with an installed capacity of 1 million tonnes per year. It also produces Galvalume, a zinc-and-aluminum-coated steel which combines high luster and durability, and pre-painted steel, both of which have several applications in the construction and home-appliance industries. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Crude steel production totaled 4.9 million tonnes in 2010, 12% up on 2009 and equivalent to 88% of the Presidente Vargas Steelworks&#8217; annual installed capacity of 5.6 million tonnes. Rolled flat steel production totaled 4.7 million tonnes, 14% more than the year before.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Construction of the new long-steel unit is under way, using the Presidente Vargas Steelwork facility&#8217;s existing infrastructure.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On January 29, 2010, the Company incorporated its subsidiary GalvaSud S.A., which became a branch of the Company (CSN Porto Real), seeking to optimize processes and maximize results by centralizing the sales, operational and administrative activities of both companies under a single organizational structure. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>CSN Porto Real is strategically located between Rio de Janeiro and S&#227;o Paulo, mainly serving the automotive sector and offering a wide range of world-class products and services. It has a hot galvanizing line and a shearing center, in addition to a state-of-the-art laser-welding facility. In 2010, production exceeded 307,000 tonnes, 30,000 tonnes more than in 2009, most of which went to the automotive sector.</FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN LLC</FONT></I></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>CSN LLC, the Company&#8217;s American arm, runs a cold-rolling and galvanizing facility in Indiana. In 2010, it produced 250,000 tonnes of cold-rolled and galvanized coils, 15% more than in 2009. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Installed in Paio Pires, Portugal, Lusosider Projectos Sider&#250;rgicos S.A. undertakes cold-rolling and hot-dip galvanizing. In 2010, it produced and sold 241,000 tonnes of galvanized products on the European market, 22% up on the previous year.</FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>A CSN subsidiary, Metalic is Latin America&#8217;s sole manufacturer of aluminum lids and two-piece steel cans for the beverage industry. In 2010, it sold 831 million 350 ml cans, 60 million 250 ml cans and 1,284 million lids, 13% of which were exported to Latin America.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Currently, Metalic has a 5% share of the national beverage can market and a 34% share in the Northeast region. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company operates in the distribution and service markets through the Prada Distribui&#231;&#227;o business unit, owned by its subsidiary, Companhia Metal&#250;rgica Prada. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>With nationwide coverage, the Company maintains three service centers and eight distribution centers equipped to supply plates, blanks, rolls, I-beams, welded tubes, steel decks and metallic roofing tiles to several industrial sectors, including the automotive and construction industries. It is one of the largest rolled flat steel distributors and processors, with a wide range of shearing, forming and logistics services, offering off-the-shelf, made-to-order and kanban services, adding value to CSN's product portfolio in order to meet the needs of the most demanding clients.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, Prada Distribui&#231;&#227;o sold 372,000 tonnes of products, 3% more than in 2009, and repositioned its distribution center in Paran&#225;, making this company play an important role in CSN&#8217;s strategy. In the coming years, it will continue to invest in expanding its storage and processing capacity and distribution logistics, as well as its geographical coverage. With this mind, it plans to open three new distribution centers in 2011.</FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Prada Packaging</FONT></I></B></H4>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Founded in 1936, Companhia Metal&#250;rgica Prada joined&nbsp; the CSN Group in 2006. </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Latin America&#8217;s leading manufacturer of steel packaging, it has two plants located in S&#227;o Paulo (S&#227;o Paulo) and Uberl&#226;ndia (Minas Gerais), and is an important client for the Company&#8217;s tinplate</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Its production lines are equipped to deliver the high volumes and technical specifications demanded by the food, chemical and aerosol industries. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Prada has revalidated its ISO 9001:2008 certification, first obtained in 1995, being the first company in its segment to achieve this distinction. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, the company maintained the volume of investments in previous years, focusing its operations on the chemical and aerosol product markets, which are the most profitable metal packaging segments.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.3 &#8211; Logistics&nbsp; </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN manages two terminals in Itagua&#237; Port, in Rio de Janeiro: a bulk solids terminal (Tecar) and a container terminal (Sepetiba Tecon).&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, Tecar shipped 25 million tonnes of iron ore, 7% up on the previous year, and unloaded around 4 million tonnes of other products, including coal, coke, soda ash and clinker for the Company&#8217;s own consumption and for several of its clients. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sepetiba Tecon, CSN&#8217;s container and general cargo terminal, is one of the pillars of the Company&#8217;s logistics platform project in Itagua&#237;, Rio de Janeiro. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, the terminal handled 196,000 containers, 306,000 tonnes of steel products and 30,000 tonnes of general cargo, maintaining its lead among the four biggest terminals in the states of Rio de Janeiro and Esp&#237;rito Santo, with a 29% share of total containers handled. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Thanks to constant investments and excellent land and maritime access conditions, in 2010 Sepetiba Tecon received the largest container ships operating in South America: the </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MSC Messina</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> and the </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Hamburg S&#252;d Santa Clara</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, both of which are 300 meters long.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>All of these factors have confirmed its position as a hub port for cargo and have helped it become the largest container terminal in Rio de Janeiro and one of the largest in Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>In order to expand Tecon, the Company is investing in infrastructure. Including the equalization of Berth 301, and in new equipment, including two super-post-Panamax portainers, four transtainers and six reach stackers, in addition to developing projects for the multimodal logistics center and the adaptation of berths 302/303. </FONT></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>After these investments are concluded, the Itagua&#237; port complex will be consolidated as one of the largest in the country.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN retains an interest in two railway companies: MRS Log&#237;stica and Transnordestina Log&#237;stica S.A. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS Log&#237;stica operates the former Southeastern Network of the Federal Railways (RFFSA), in the Rio de Janeiro - S&#227;o Paulo - Belo Horizonte corridor.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN holds a direct 22.93% interest in MRS Log&#237;stica S.A., as well as an indirect stake of 10.34%, giving it a total interest of 33.27%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The company, which celebrated 14 years of operations last year, during which time it recorded substantial growth, continues to present excellent results. In 2010, it transported around 144 million tonnes, 12% more than in 2009.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the container segment, MRS consolidated its position as the largest domestic rail carrier, with 53,500 containers transported.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS Log&#237;stica S.A. focuses most of its activities on heavy haul clients</FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(ore, coal and coke), who accounted for around 107 million tonnes of cargo, &nbsp;74% of the company&#8217;s total, as well as long-term agreements, new businesses and projects aimed at leveraging the company&#8217;s growth.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS&#8217; rail services are vital for the supply of raw materials and the outflow of finished products. It transports all the iron ore, coal and coke consumed by the Presidente Vargas Steelworks, as well as mining products and some of the steel produced by CSN for the domestic market and exports. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transnordestina</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2006 CSN merged Transnordestina S.A., then a state-owned company, into Companhia Ferrovi&#225;ria do Nordeste (CFN). The company&#8217;s name was subsequently changed to Transnordestina Log&#237;stica S.A. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transnordestina Log&#237;stica S.A (TLSA) operates the former Northeastern network of the RFFSA, which extends for 4,534 kilometers and connects seven states &#8211; Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas. TLSA&#8217;s concession agreement runs for 30 years as of 1997 and may be extended for a similar period. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>At the end of 2010, CSN held a 76.45% interest in the company. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>It has a current transport capacity of 2 million tonnes per year. In 2010, it carried 1.5 million tonnes, the most important cargo being fuel, cement, aluminum, rolled coils and malt, particularly on the stretches connecting S&#227;o Lu&#237;s, Teresina and Fortaleza.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.4 &#8211; Cement</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The cement industry possesses a high degree of complementarity with steel and supplies the entire construction sector, which is of fundamental importance to the country&#8217;s economic development.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010 CSN produced and sold around 1 million tonnes of cement from its first plant in Volta Redonda, significantly more than the 338,000 tonnes produced and sold in 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN&#8217;s cement is currently sold in the Baixada Fluminense region, the south of Rio de Janeiro state, the Vale do Para&#237;ba and Greater S&#227;o Paulo, as well as the south of Minas Gerais state. At the end of 2010, it had four distribution centers, which are crucial for increasing competitiveness given the excellent acceptance of our product, which was higher than originally estimated.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.5 &#8211; Energy</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is one of Brazil&#8217;s largest industrial electric power consumers, only behind aluminum producers. Consequently, it has been investing in power generation projects since 1999 in order to ensure self-sufficiency. Its generation assets are: a 29.95% interest in the It&#225; Hydroelectric Power Plant, in Santa Catarina, corresponding to 167 MW, through a 48.75% stake in It&#225; Energ&#233;tica S.A.; a 17.9% interest in the 210 MW Igarapava Hydroelectric Power Plant, in Minas Gerais; and the 238 MW Thermoelectric Cogeneration Center, installed in the Presidente Vargas Steelworks, in Volta Redonda, which is fueled by the waste gases from the steel production process. All in all, the Company has a generating capacity of 428 MW, enough to meet all the group&#8217;s power needs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is also developing a project to install a top turbine on Blast Furnace 3 at the Presidente Vargas Steelworks, adding 18 MW to its current generating capacity, and is continuing to study other energy investments in order to keep pace with expansion and maintain its self-sufficiency. </FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.6- Operational Excellence</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Simultaneously to its growth efforts, CSN has been promoting and planning a series of projects to reduce costs and increase productivity, in order to further improve its competiveness and profitability in all stages of the production chain.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>These include projects in the steelmaking and power generation areas, as well as in own coke production, the reduction and reuse of waste and energy efficiency, among others, all of which should substantially reduce production costs, especially in the Presidente Vargas Steelworks.</FONT></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3- OUTLOOK, STRATEGY AND INVESTMENTS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>After recovering from the crisis, Brazil&#8217;s economy picked up considerable steam in 2010, recording GDP growth of 7.5%, sustained by strong domestic consumption, in turn fueled by more jobs, higher income and the expansion of credit. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On the international front, China continued to drive the global rally, with GDP growth of 10.3%, chiefly favoring the commodity market. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Despite the slow recovery of employment and consumption, and the consequent uncertainties in the short- and medium-term, the U.S. economy has also been regaining momentum, reflected in GDP expansion of 2.9% in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In Europe, however, the growth pace is slowing, with the exception of Germany, which has been recovering steadily. The fiscal deficit in certain countries, combined with fewer job opportunities, has led to worries that the crisis has not yet been overcome.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Inflation indices in the emerging countries are high due to the substantial increase in economic activity and the upturn in commodity prices.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Globally, there has been a big increase in exchange rate disparities. For different reasons, foreign exchange policies in the USA and China have generated strong imbalances in certain countries, including Brazil. On the one hand, the U.S. has been issuing large amounts of dollars, while, on the other, China has maintained an excessively devalued </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>yuan</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, a situation that has been further exacerbated by the imposition of protectionist trade barriers by certain other nations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The impact in countries such as Brazil is double: the appreciation of the Real favors imports, reducing the advantages of local producers, who are already suffering from high raw material prices and investment costs, not to mention structural problems such as logistics bottlenecks, among others.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In spite of all these factors, however, CSN has recorded consistently healthy financial results and 2010 was no different &#8211; the Company posted consolidated net revenue of R$14.5 billion, a new record. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition to our organic growth projects, supported by a comfortable cash position, the Company remains alert to opportunities for acquisitions and strategic partnerships in all its operational segments, both in Brazil and abroad, in order to accelerate its expansion and add value to its shareholders. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.1 &#8211; STEEL</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to the World Steel Association (WSA), the global steel industry capacity utilization rate closed 2010 at around 74%, still indicating a large gap between production capacity and consumption. The WSA believes current global surplus capacity is running at around 500 million tonnes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This imbalance, together with the appreciation of the Real and state government import incentives, contributed to a&nbsp; substantial upturn in Brazilian rolled flat steel imports in 2010, leading to domestic price and sales volume reductions at the end of the year. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN has been diversifying its steel activities, entering the long steel segment through the construction of a plant in Volta Redonda. The unit will produce 500,000 tonnes per year, including rebar and wire rods, and operational start-up is expected at the end of 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company plans to build two other long steel plants in the Southeast region, with a production capacity of 500,000 tonnes per year each. The necessary equipment has already been contracted. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As for flat steel, CSN has been expanding its service centers, investing in the expansion of the Porto Real unit, in the state of Rio de Janeiro, which focuses on the automotive industry. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>It has also been developing important projects geared towards improving operational excellence and reducing costs,&nbsp; the most important of which includes the installation of new coke batteries in order to achieve self-sufficiency in this raw material; altering the power source of the Presidente Vargas Steelworks from 138KV to 500KV, thereby increasing system stability and reducing energy transportation costs; and completing the top turbine (scheduled for 2011), which will add 18 MW to the Company&#8217;s installed generating capacity.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>There are also several other projects being developed to reduce the consumption of raw materials, with a consequent increase in efficiency and productivity.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN is also considering the possibility of increasing its steel output, either through new plants, the expansion of existing facilities, or acquisitions, both in Brazil and abroad. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.2 &#8211; MINING</FONT></B></P>

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<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Iron ore</FONT></U></B></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2010 will be remembered as a year of profound change in the iron ore market. The traditional pricing system, used for over 40 years, was replaced by a system that reflects market oscillations and is subject to periodic reviews. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>China remained a major player, with imports of 619 million tonnes in 2010, accounting for around 60% of the total seaborne market, and this figure is expected to increase substantially in the coming years. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Demand continues to outpace supply in the seaborne market, a situation that was exacerbated in 2010 by a series of factors, such as the measures adopted by India which include the imposition of export taxes. In addition, the majority of new expansion projects were delayed, reining in supply even further.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Given this scenario, CSN, Brazil&#8217;s second largest iron ore exporter, has been expanding the Casa de Pedra and Namisa mines in order to reach a total annual production capacity of 89 million tonnes.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"> </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Capacity in Casa de Pedra will reach 50 million tonnes per year in 2014, while Namisa&#8217;s concentration and pelletizing projects will supply the remaining output to achieve total capacity.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has also been increasing Tecar&#8217;s loading capacity in the Port of Itagua&#237;, which should reach 84 million tonnes per year by 2015. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition to these expansions, the Company has been considering additional capacity increases for Casa de Pedra (up to 70 million tonnes/year) and Tecar (up to 130 million tonnes per year)</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In order to achieve self-sufficiency in metallurgical coal, by February 2011 CSN had acquired a minority interest of 19.98% in Riversdale Mining Limited, a coal mining company with important metallurgical and thermal coal projects in Mozambique and anthracite mines in South Africa.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Riversdale, whose stock is traded on the Australian stock exchange, is scheduled for operational start-up at the end of 2011.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.3 &#8211; CEMENT</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Preliminary figures from SNIC (the Cement Industry Association) indicate national cement sales of 59 million tonnes in 2010, 15% up on the previous year.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Southeast region consumed half of this total and the North was the best performer in terms of sales growth, moving up by 58%. Estimates point towards a new record in 2011, with sales climbing by between 8% and 9% to 65 million tonnes. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Annual exports fell by 23% in 2010, as manufacturers prioritized the domestic market. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sector&#8217;s growth in the coming years 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Focused on this growth and having completed construction of its first cement factory, which is expected to reach full capacity of 2.4 million tonnes per year by the end of 2012, CSN will begin producing clinker in the Arcos plant, in Minas Gerais, in the first half of 2011, thereby substantially reducing its production costs. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has also been studying organic growth alternatives to increase total production capacity in Brazil to up to 4.0 million tonnes per year as of 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition, it is determined to grow in this sector and achieve a relevant market share in Brazil and abroad. With this in mind, it will be evaluating any acquisition opportunities that may arise. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.4- TRANSNORDESTINA</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>With the federal government&#8217;s support, Transnordestina Log&#237;stica S.A (TLSA) is building Nova Transnordestina, a 1,728 km-long railway connecting the rail terminal in Eliseu Martins to the Ports of Suape in the state of Pernambuco and Pec&#233;m in the state of Cear&#225;, crossing several cities in the states of Piau&#237;, Pernambuco and Cear&#225;. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Investments in the construction of this new world-class railway are expected to reach R$5.4 billion, around R$1.3 billion of which from CSN, and the remainder from VALEC, the BNDES (Brazilian Development Bank), and regional development funds (FDNE &#8211; Northeast Development Fund, FNE &#8211; Northeast Constitutional Financing Fund and FINOR &#8211; Northeast Investment Fund).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Work on the stretches up to Suape is proceeding on several fronts and is now well advanced, employing more than 11,000 workers and around 1,600 items of heavy equipment. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Commercial start-up is scheduled for the end of 2012, while the projected annual operating capacity of 30 million tonnes should be achieved within seven years. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This railway will play a crucial role in the development of the Northeast, providing logistical support for the region's economic expansion, particularly in the mining and grain production sectors. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4- ANALYSIS OF CSN&#8217;S CONSOLIDATED RESULTS</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Executive Summary</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Net revenue totaled R$14.5 billion in 2010, 32% up on the previous year and a new record; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The gross margin reached 47% in 2010, an 11 p.p. improvement over 2009;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Annual gross profit amounted to R$6.8 billion, 71% up on the year before;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Adjusted EBITDA came to R$6.4 billion in 2010, an increase of 76% over the previous year.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The adjusted EBITDA margin stood at 44%, 11 p.p. higher than in 2009;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mining revenue reached the record amount of R$3.6 billion, 84% up on 2009;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Iron ore sales totaled 25.3 million tonnes in 2010, the Company&#8217;s highest-ever figure and a 13% improvement over the year before;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Consolidated steel product sales volume on the domestic market, where margins are historically higher, accounted for 86% of total annual sales volume;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, the Company&#8217;s consolidated investments totaled R$3.6 billion;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The net debt/adjusted EBITDA ratio closed 2010 at 1.55x, 0.19x less than at the end of 2009. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN is a highly liquid company, with a cash position of R$10.2 billion;</FONT></P>

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

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



<TR>

   <TD width="55%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 1px; BORDER-TOP: #000000 1px solid" bgColor=#000080 vAlign=center rowSpan=2 width="55%" align=left><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Consolidated Highlights (R$ millions)</FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#000080 width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#000080 vAlign=center rowSpan=2 width="13%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2009</FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#000080 width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#000080 vAlign=center rowSpan=2 width="13%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2010</FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#000080 width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#000080 width="13%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2010 x 2009</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="2%">&nbsp;</TD>

   <TD bgColor=#000080 width="2%">&nbsp;</TD>

   <TD bgColor=#000080 width="2%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#000080 width="13%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>(Var %)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="55%" align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Net Revenue</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">10,978</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">14,451</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">32%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="55%" align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Gross Profit</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,956</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,764</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">71%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="55%" align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Adjusted EBITDA</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,621</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,355</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">76%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="55%" align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Adjusted EBITDA Margin ( % )</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">33%</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">44%</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">11 p.p.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="55%" align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Net Income</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,615</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,516</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">-4%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid" width="55%" align=left><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">Net Debt</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,297</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">9,850</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">56%</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Economic and Sector Scenario </FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The recovery of the global economy is being led by the emerging countries. The IMF expects global growth of between 3% and 4% in 2010, with the developed countries averaging between 1% and 2%, and the emerging nations between 6% and 8%. On the other hand, inflationary pressure in the developed economies remains under control, despite the upturn in food and commodity prices, while inflation indices in the emerging countries are high due to the substantial increase in economic activity and the upturn in commodity prices. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>United States</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The U.S. economy recovered towards the end of 2010 and the country closed the year with GDP growth of 2.9%, the biggest figure since 2005, mainly due to the government&#8217;s fiscal incentives, higher exports and the resumption of private investments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Nevertheless, unemployment remained high, recording 9.4% in December 2010, equivalent to around 14 million people out of work. A total of 900,000 jobs were created last year. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Several economists expect higher growth in 2011, according to a recent survey by the Wall Street Journal. The main expectations are: GDP growth of 3.5%, inflation remaining flat at 2% with no increase in interest rates and unemployment below 9%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif">10</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</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: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The auto industry should be one of the main growth drivers &#8211; leading manufacturers to estimate vehicle sales of more than 13 million units in 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Europe</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The growth pace in Europe continues to slow, chiefly due to the fiscal squeeze and the discomfort over sovereign debt, especially in Italy, Spain, Greece and Ireland. The high level of debt in these countries has led to uncertainties regarding the solvency of their banking sectors and fears of a possible moratorium. According to CRU, these four nations hold 64% of all loans granted to financial institutions in the Euro zone. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Euro zone unemployment is still running at 10%, or around 15 million people, one of the highest levels in the last 12 years.&nbsp; However, this is expected to improve in the coming months thanks to a possible upturn in exports, especially in Germany, and higher consumer spending.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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 pushing up food and energy prices. In 2011, commodity and energy prices should continue to exert inflationary pressure, although the ECB maintained the inflationary target at 2%.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to CRU, the Euro zone should record GDP growth of 1.7% in 2010 and 1.6% in 2011, led by Germany with growth of 2.5%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Asia</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>After consolidating and fueling the recovery from the global financial crisis, China is imposing a monetary squeeze in an attempt to rein in the growth of inflation, which closed the year at 4.6%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Throughout 2010, the government adopted measures to contain growth by increasing interest rates and reserve requirements, limiting credit and introducing energy-saving targets. Despite their restrictive nature, however, all these measures are designed to ensure that the Chinese economy grows in a sustainable manner.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>GDP grew by 10.3% in 2010, 2% above the government&#8217;s target, and China overtook Japan as the world&#8217;s second largest economy, with GDP of US$5.9 trillion. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On the exchange front, China has let the yuan appreciate by around 6% against the dollar since June 2010, effectively ending its two-year-long rate-fixing between the two currencies, making the yuan more flexible.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>China has an ambitious urbanization project which will absorb substantial investments through 2025, by which time it expects to have 221 cities with at least one million inhabitants each. The Chinese real estate market is exceptionally buoyant, with property prices recording annual double-digit growth. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Brazil</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Brazil&#8217;s economic performance in 2010 put it among the emerging country leaders, primarily thanks to higher individual income, more jobs and the expansion of credit.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The year&#8217;s highlight was the creation of jobs in various sectors of the economy &#8211; 2.52 million in all, a massive 115% more than in 2009.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In December 2010, the IBGE (Brazilian Institute of Geography and Statistics) recorded unemployment of 5.3%, the lowest since the historical series began in 2002.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This decline, plus the increase in earnings, helped push up consumption.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>IBGE figures show that the real wage bill increased by 8.6% year-on-year in December 2010, impacting retail sales which climbed by 10.9% in 2010, the best result for nine years.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>However, productive sector investments were unable to keep pace, resulting in increased inflationary pressure.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The IPCA consumer price index moved up by 5.91%, 1.41 p.p. above the midpoint of the Central Bank&#8217;s target band, mainly pushed by services and food.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The government imposed restrictive monetary measures in an attempt to control the inflationary upturn.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> &nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;The National Monetary Council increased reserve requirements and the minimum credit card payment term, while the COPOM (Monetary Policy Committee) unanimously raised the SELIC base rate by 0.5 p.p. to 11.75% p.a.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The total volume of financial system credit reached R$1.7 trillion in 2010, 21% up on 2009, while the credit/GDP ratio moved up to 47% and default fell throughout the year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The restrictions on consumer financing and more expensive bank borrowing may alter market expectations vis-&#224;-vis a monetary squeeze in 2011, possibly impacting investments and economic growth.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>GDP growth totaled 7.5% in 2010, the highest figure since the introduction of the Plano Real in 1994 and the outlook for the coming years is also promising, underlining an exceptional moment for Brazil&#8217;s economy.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> &nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;According to the Central Bank&#8217;s FOCUS report, GDP growth should average 4.2% in 2011 and 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to the IBGE, industrial output grew by 10.5% in 2010, another outstanding macroeconomic indicator. </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>International capital movements continue to pressure the Real.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Despite government measures throughout the year, the Real appreciated strongly against the dollar.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>At the beginning of the year, the FOCUS report estimated a year-end exchange rate of around R$1.80; however, the actual rate was R$1.67. In February 2011, foreign reserves reached the record level of US$300 billion.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Macroeconomic Projections</FONT></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2012</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>IPCA (%)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>5.88</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.80</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Commercial dollar (closing) &#8211; R$ </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1.70</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1.75</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SELIC (closing - %)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>12.50</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>11.25</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>GDP (%)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.03</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.40</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Industrial Production (%)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.00</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.70</FONT></P></TD></TR>

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   <TD vAlign=top width="70%"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Source: FOCUS BACEN</FONT></P></FONT></B></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Base: March 18, 2011</FONT></P></TD></TR></TABLE></DIV>

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<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Adoption of IFRS</FONT></B><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=white face=Arial,sans-serif> &nbsp;</FONT></U></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN&#8217;s consolidated financial statements are presented in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and in accordance with Brazilian accounting practices, issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM), pursuant to CVM Instruction 485 of September 1, 2010.</FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Net Revenue</FONT></B><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=white face=Arial,sans-serif> &nbsp;</FONT></U></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Consolidated net revenue totaled R$14,450 million in 2010, a 32% improvement over the R$10,978 million posted in the previous year and a new Company record.</FONT></P>

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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>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Cost of goods sold (COGS) </FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, consolidated COGS amounted to R$7,687 million, 9% up on the R$7,022 million posted in 2009.</FONT></P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</H5>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</H5>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Selling, General, Administrative and Other Operating Expenses</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, CSN recorded a net expense of R$551 million in the &#8220;Other Revenue and Expenses&#8221; line, versus revenue of R$721 million in 2009. The R$1,272 million reduction was chiefly due to the positive non-recurring effects of the reverse merger of Big Jump Energy Participa&#231;&#245;es S.A. by Namisa and the adherence of CSN and its subsidiaries to the REFIS tax repayment program in 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Annual SG&amp;A expenses totaled R$1,215 million, 9% up on 2009, reflecting the Company&#8217;s stronger sales efforts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>EBITDA </FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Adjusted EBITDA as presented in this report comprises net income before the financial result, income and social contribution taxes, depreciation and amortization and other operating revenues (expenses), the latter operating item being excluded due to its non-recurring nature.</FONT></P>

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

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



<TR>

   <TD width="70%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$ millions</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#000080 width="70%" align=left><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>CONSOLIDATED ADJUSTED EBITDA</FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#000080 width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#000080 width="13%" align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#000080 width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#000080 width="13%" align=middle><B><FONT color=#ffffff size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" width="70%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Income</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-LEFT: #000000 1px solid" width="13%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,615</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=right>&nbsp;<STRONG><FONT size=2 face=Arial>2,516</FONT></STRONG></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(-) Net Financial Result</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-LEFT: #000000 1px solid" width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>246</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=right>&nbsp;<FONT size=2 face=Arial>1,911</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(-) Social Contribution</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-LEFT: #000000 1px solid" width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>180</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=right>&nbsp;<FONT size=2 face=Arial>154</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(-) Income Tax</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-LEFT: #000000 1px solid" width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>520</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=right>&nbsp;<FONT size=2 face=Arial>417</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(-) Depreciation and Amortizations</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-LEFT: #000000 1px solid" width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>780</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=right>&nbsp;<FONT size=2 face=Arial>806</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 3px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(-) Other Income (Expense), Net</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-LEFT: #000000 1px solid" width="13%" align=right><FONT size=2 face=ArialMT,Arial,Helvetica,sans-serif>(721)</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=right>&nbsp;<FONT size=2 face=Arial>551</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="70%" align=left><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=right><B><FONT size=2 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,621</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=right>&nbsp;<STRONG><FONT size=2 face=Arial>6,355</FONT></STRONG></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Adjusted EBITDA totaled R$6,355 million in 2010, 76% up on the R$3,621 million recorded in 2009, accompanied by an adjusted EBITDA margin of 44%, 11 p.p. more than the 33% reported last year. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center>
<IMG border=0 src="pag13.gif"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif">13</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P></DIV></DIV>

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

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

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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: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The variation between adjusted EBITDA and the adjusted EBITDA margin previously published in BRGAAP and the current figures in accordance with IFRS are presented below (R$ million):</FONT></P>

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<TR>

   <TD width="69%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">R$ millions</FONT></TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 21px; BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="69%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="15%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2009</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="15%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2010</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="69%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Adjusted EBITDA (BRGAAP Reported)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,607</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="69%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Effects of convergence of accounting practice</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">14</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="69%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Adjusted EBITDA (IFRS)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,621</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">6,355</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 219.65pt 0pt 0cm; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Financial Result and Net Debt</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The 2010 net financial result was negative by R$1,911 million, chiefly due to the following factors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Interest on loans and financing totaling R$1,808 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Negative monetary and foreign exchange variations of R$354 million, including the result of derivative operations;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The monetary restatement of tax provisions totaling R$284 million.</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=red face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>
<IMG border=0 align=center src="pag14.gif"></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>These negative effects were partially offset by returns on financial investments and other financial revenue (expenses), totaling R$535 million, basically due to the upturn in cash and cash equivalents.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 31, 2010, the consolidated net debt stood at R$9.8 billion, R$3.5 billion more than the R$6.3 billion recorded at the close of 2009. The net debt/adjusted EBITDA ratio closed 2010 at 1.55x, 0.19x less than at the end of the previous year. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif">14</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On July 14, 2010, CSN, through its wholly-owned subsidiary CSN Resources S.A., issued bonds worth US$1 billion at 6.5% p.a. and maturing in July 2020, in accordance with U.S. Rule 144A and Regulation S.</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> The issue price was 99.096% and the bonds were guaranteed by CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On September 16, 2010, CSN, through its wholly-owned subsidiary CSN Islands XII Corp., issued bonds worth US$1 billion at 7.0% p.a., in accordance with U.S. Rule 144A and Regulation S. The bonds are guaranteed by CSN and the proceeds were primarily used to settle the US$750 million perpetual bonds issued by CSN Islands X Corp in 2005, with a return of 9.50% p.a.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The chart below shows the maturities of CSN&#8217;s loans, financings and debentures on December 31, 2010:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center></P>

<DIV align=left>&nbsp;</DIV><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center>
<IMG border=0 src="pag15.gif"></P><FONT lang=PT-BR><BR clear=all></FONT>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Consolidated Net Income</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN posted 2010 net income of R$2,516 million, 4% down on 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The improved results in the steel and mining segments were offset by the increase in other operating expenses, due to non-recurring gains recorded in 2009 and the upturn in financial expenses.</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The difference between net income previously published in BRGAAP and the current figures in accordance with IFRS are presented below (R$ million):</FONT></P>

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



<TR>

   <TD width="70%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">R$ millions</FONT></TD>

   <TD width="15%" align=left>&nbsp;</TD>

   <TD width="15%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 25px; BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="70%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Net Income</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="15%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2009</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#003366 width="15%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2010</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="70%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Net Income (BRGAAP Reported)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,599</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="70%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Adjustments</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">16</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="70%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Net Income (IFRS)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,615</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT size=2 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,516</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT face=Arial></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Capex</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN invested R$3,636 million in 2010, R$2,201 million of which in and by its subsidiaries or joint subsidiaries, allocated as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transnordestina Log&#237;stica: R$1,371 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=PT-BR face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>CSN A&#231;os Longos: R$275 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN Cimentos: R$249 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS Log&#237;stica: R$199 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter16"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif">15</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_17"></A>

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

<a name="_bclHeader17"></a><DIV>

<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: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The remaining R$1,435 million went to the parent company, mostly in the following projects:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Maintenance and repairs: R$483 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Expansion of the Casa de Pedra mine: R$275 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Expansion of the Port of Itagua&#237;: R$139 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Technological improvements: R$125 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Working Capital</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Working capital closed December 2010 at R$2,844 million, R$770 million up on the figure at the end of 2009, basically due to higher inventories, in turn caused by the reduction in steel product sales volume. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The average receivables period declined from 31 days at the end of 2009 to 26 days at the close of 2010, while the average supplier payment period fell from 26 days to 25 days.</FONT></P>

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



<TR>

   <TD width="55%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD>

   <TD width="2%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003366 vAlign=center rowSpan=2 width="55%" align=left><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>WORKING CAPITAL (R$ MM)</FONT></B></TD>

   <TD bgColor=#003366 width="2%">&nbsp;</TD>

   <TD bgColor=#003366 vAlign=center rowSpan=2 width="13%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Dec/2009</FONT></B></TD>

   <TD bgColor=#003366 width="2%">&nbsp;</TD>

   <TD bgColor=#003366 vAlign=center rowSpan=2 width="13%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Dec/2010</FONT></B></TD>

   <TD bgColor=#003366 width="2%">&nbsp;</TD>

   <TD bgColor=#003366 width="13%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif><FONT size=2 face=Arial>Chg</FONT>&nbsp;4Q10 x</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003366 width="2%">&nbsp;</TD>

   <TD bgColor=#003366 width="2%">&nbsp;</TD>

   <TD bgColor=#003366 width="2%">&nbsp;</TD>

   <TD bgColor=#003366 width="13%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>4Q09</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Assets</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>3,130</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>3,963</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>833</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Accounts Receivable</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>1,186</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>1,259</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>73</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Inventory </FONT></B><B><SUP><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>(*)</FONT></SUP></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>1,889</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2,492</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>603</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Advances to Taxes</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>55</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>212</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>157</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="55%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Liabilities</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>1,057</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>1,120</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>63</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Suppliers</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>504</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>521</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>17</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Salaries and Social Contribution</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>134</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>165</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>31</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Taxes Payable</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>333</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>398</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>65</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Advances from Clients</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>85</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>35</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>(50)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="55%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Working Capital</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2,074</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2,844</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>770</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003366 width="55%" align=left><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>TURNOVER RATIO</FONT></B></TD>

   <TD bgColor=#003366 width="2%">&nbsp;</TD>

   <TD bgColor=#003366 vAlign=center rowSpan=2 width="13%" align=middle>&nbsp;<STRONG><FONT color=#ffffff size=2 face=Arial>Dec/2009</FONT></STRONG></TD>

   <TD bgColor=#003366 width="2%">&nbsp;</TD>

   <TD bgColor=#003366 vAlign=center rowSpan=2 width="13%" align=middle>&nbsp;<STRONG><FONT color=#ffffff size=2 face=Arial>Dec/2010</FONT></STRONG></TD>

   <TD bgColor=#003366 width="2%">&nbsp;</TD>

   <TD bgColor=#003366 width="13%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Chg&nbsp;4Q10 x</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003366 width="55%" align=left><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Average Periods</FONT></B></TD>

   <TD bgColor=#003366 width="2%">&nbsp;</TD>

   <TD bgColor=#003366 width="2%">&nbsp;</TD>

   <TD bgColor=#003366 width="2%">&nbsp;</TD>

   <TD bgColor=#003366 width="13%" align=middle><B><FONT color=#ffffff size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>4Q09</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Receivables</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>31</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>26</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>(5)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Supplier Payment</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>26</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>25</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>(1)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Inventory Turnover</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>88</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>113</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=middle><B><FONT size=2 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>25</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="85%" colSpan=5 align=left><I><FONT size=1 face=TrebuchetMS-Italic,Arial,Helvetica,sans-serif>* Inventory - Includes "Advances to Suppliers" and does not include "Supplies"</FONT></I></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD></TR></TABLE>

<P style="MARGIN: 0cm 0pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0pt 0pt 0cm; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Results by Segment</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company maintains integrated operations in five business segments: steel, mining, logistics, cement and energy.&nbsp; The main assets of each segment are presented below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"></P>

<DIV align=left>

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



<TR>

   <TD width="19%"></TD>

   <TD width="1%"></TD>

   <TD width="19%"></TD>

   <TD width="1%"></TD>

   <TD width="20%"></TD>

   <TD width="1%"></TD>

   <TD width="19%"></TD>

   <TD width="1%"></TD>

   <TD width="19%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10px" bgColor=#000080 width="19%" align=middle><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" bgColor=#000080 width="19%" align=middle><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Mining</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 8px" bgColor=#000080 width="20%" align=middle><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 8px" bgColor=#000080 width="19%" align=middle><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 9px" bgColor=#000080 width="19%" align=middle><B><FONT color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Energy</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Pres. Vargas Steel Mill</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Casa de Pedra</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Railways:</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Volta Redonda</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>CSN Energia</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Porto Real</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Namisa (60%)</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>- MRS</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Arcos</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Itasa</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Paran&#225;</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Tecar</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>- Transnordestina</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LLC</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ERSA</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Port:</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Lusosider</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>- Sepetiba Tecon</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Prada (Distribution and Packing)</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="19%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Metalic</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="19%" align=left>&nbsp;</TD></TR></TABLE></DIV><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter17"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif">16</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif"></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_18"></A>

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

<a name="_bclHeader18"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 16%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV><FONT lang=PT-BR><BR clear=all></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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. CSN&#8217;s management uses adjusted EBITDA as an indicator to measure recurrent net operating cash flow.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The charts below show the various segments&#8217; contribution to CSN&#8217;s overall net revenue and adjusted EBITDA.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Net revenue by segment in 2010 (R$ million)</FONT></U></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>
<IMG border=0 align=center src="pag17a.jpg">&nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P><FONT lang=PT-BR><BR clear=all></FONT>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Each segment&#8217;s share of consolidated adjusted EBITDA in 2010 (R$ million)</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=center><FONT style="Z-INDEX: -22; POSITION: absolute; MARGIN-TOP: 6px; WIDTH: 191px; HEIGHT: 163px; MARGIN-LEFT: 0px; LEFT: 0px">&nbsp;</FONT>
<IMG border=0 src="pag17b2.jpg"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT lang=PT-BR><BR clear=all></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s consolidated results by business segment are presented below:</FONT></P>

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



<TR>

   <TD width="28%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD>

   <TD width="1%"></TD>

   <TD width="8%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="28%" align=middle><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>R$ million</FONT></B></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#808080 vAlign=center rowSpan=2 width="28%" align=left><STRONG><FONT style="COLOR: #ffffff" size=1 face=Arial>Consolidated Results</FONT></STRONG></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center rowSpan=2 width="8%" align=middle><STRONG><FONT style="COLOR: #ffffff" size=1 face=Arial>Steel</FONT></STRONG></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center rowSpan=2 width="8%" align=middle><STRONG><FONT style="COLOR: #ffffff" size=1 face=Arial>Mining</FONT></STRONG></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center width="8%" align=middle><B><FONT style="COLOR: #ffffff" color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center width="8%" align=middle><B><FONT style="COLOR: #ffffff" color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center rowSpan=2 width="8%" align=middle><STRONG><FONT style="COLOR: #ffffff" size=1 face=Arial>Energy</FONT></STRONG></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center rowSpan=2 width="8%" align=middle><STRONG><FONT style="COLOR: #ffffff" size=1 face=Arial>Cement</FONT></STRONG></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center width="8%" align=middle><B><FONT style="COLOR: #ffffff" color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Eliminations/</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center rowSpan=2 width="8%" align=middle><STRONG><FONT style="COLOR: #ffffff" size=1 face=Arial>Consolidated</FONT></STRONG></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center width="8%" align=middle><B><FONT style="COLOR: #ffffff" color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Port)</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center width="8%" align=middle><B><FONT style="COLOR: #ffffff" color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Railways)</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center width="8%" align=middle><B><FONT style="COLOR: #ffffff" color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Revenue</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,926</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,615</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>119</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>838</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>114</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>202</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(364)</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14,451</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#c0c0c0 width="28%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic Market</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,763</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>574</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>838</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>114</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>202</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(364)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,247</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="28%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign Market</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,163</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,041</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,204</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of Goods Sold</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,095)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,187)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(522)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(42)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(164)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>393</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,687)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross Profit</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,831</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,428</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>49</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>317</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>72</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>38</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,764</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling, General and Administrative Expenses</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(574)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(135)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(71)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(26)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(43)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(351)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,215)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>519</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>146</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>806</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,776</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,439</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>38</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>349</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>69</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(325)</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,355</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA Margin</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>38%</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>67%</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 4px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>32%</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 5px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>42%</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>61%</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4%</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>44%</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=17>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 13px" width="28%" align=middle><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>R$ million</FONT></B></TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=left>&nbsp;</TD>

   <TD width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#808080 vAlign=center rowSpan=2 width="28%" align=left><STRONG><FONT style="COLOR: #ffffff" size=1 face=Arial>Consolidated Results</FONT></STRONG></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center rowSpan=2 width="8%" align=middle><STRONG><FONT style="COLOR: #ffffff" size=1 face=Arial>Steel</FONT></STRONG></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center rowSpan=2 width="8%" align=middle><STRONG><FONT style="COLOR: #ffffff" size=1 face=Arial>Mining</FONT></STRONG></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center width="8%" align=middle><B><FONT style="COLOR: #ffffff" color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center width="8%" align=middle><B><FONT style="COLOR: #ffffff" color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center rowSpan=2 width="8%" align=middle><STRONG><FONT style="COLOR: #ffffff" size=1 face=Arial>Energy</FONT></STRONG></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center rowSpan=2 width="8%" align=middle><STRONG><FONT style="COLOR: #ffffff" size=1 face=Arial>Cement</FONT></STRONG></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center width="8%" align=middle><B><FONT style="COLOR: #ffffff" color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Eliminations/</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center rowSpan=2 width="8%" align=middle><STRONG><FONT style="COLOR: #ffffff" size=1 face=Arial>Consolidated</FONT></STRONG></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center width="8%" align=middle><B><FONT style="COLOR: #ffffff" color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Port)</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center width="8%" align=middle><B><FONT style="COLOR: #ffffff" color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Railways)</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD>

   <TD bgColor=#808080 vAlign=center width="8%" align=middle><B><FONT style="COLOR: #ffffff" color=#ffffff size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#808080 width="1%"><FONT style="COLOR: #ffffff">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Revenue</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,201</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,964</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>144</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>823</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>117</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>60</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(330)</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,978</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" bgColor=#c0c0c0 width="28%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic Market</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,046</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>247</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>144</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>823</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(330)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,107</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="28%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign Market</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,156</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,716</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,872</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of Goods Sold</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,572)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,179)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(76)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(464)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(43)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(61)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,022)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross Profit</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,629</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>784</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>69</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>358</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>73</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>43</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,956</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#c0c0c0 width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling, General and Administrative Expenses</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(491)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(108)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(58)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(403)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,116)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="28%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>484</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>135</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>110</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD width="8%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>780</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,623</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>811</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>65</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>410</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>74</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(8)</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(353)</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,621</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="28%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA Margin</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>32%</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>41%</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 4px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>45%</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 5px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>50%</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 3px" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>63%</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>-13%</FONT></B></TD>

   <TD width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="8%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33%</FONT></B></TD></TR></TABLE>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif">17</FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Steel</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Scenario</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to the WSA, global crude steel production totaled 1.4 billion tonnes in 2010, 15% up on 2009 and a new record.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Nevertheless, many steel-producing nations have still not recovered their pre-crisis levels, China and certain other Asian countries being the exception.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Also according to the WSA, the global steel industry </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">capacity utilization rate </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>closed 2010 at around 74%, still indicating a large gap between production capacity and consumption. The association believes current global surplus capacity is running at around 500 million tonnes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This imbalance, allied to the appreciation of the Real and state government import incentives, fueled Brazil's flat steel imports. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Supported by higher raw material prices, especially of coal, scrap and iron ore, international steel prices began to show signs of recovery at the close of 2010,</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>leading some steel plants to consider reactivating their blast furnaces to benefit from the upturn.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to the Brazilian Steel Institute (IABr), apparent consumption of steel products reached the record level of 26.6 million tonnes in 2010, 43% higher than the previous year, and the Institute expects the figure to increase by a further 6% in 2011, to 28 million tonnes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Also according to the IABr, annual consolidated production totaled 32.8 million tonnes of crude steel and 15.6 million tonnes of rolled flat steel, 24% and 31% up, respectively, on the previous year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Consolidated domestic sales of rolled flat steel came to 11.7 million tonnes in 2010, a 30% improvement over 2009. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Annual flat steel exports totaled 2.3 million tonnes, in line with the previous year&#8217;s figure.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Domestic prices are aligned with the price of imported products (including aggregated import costs).</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif">18</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Segments</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Automotive</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to ANFAVEA (the auto manufacturers&#8217; association), vehicle production reached 3.6 million units in 2010, 14% up on the year before.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Annual sales totaled 3.5 million units, 12% more than in 2009, marking the seventh consecutive year of growth and a new national record. </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exports totaled 766,000 units, versus 475,000 in 2009.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to ANFAVEA, sales are expected to grow by 5% in 2011.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Recently, the sector announced investments of R$9 billion over the next two years,</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>allocated to the expansion of product lines, increased output and the construction of new plants.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Construction</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to a study by the Get&#250;lio Vargas Foundation (FGV), every year 1.5 million families intend to purchase a home.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>For this reason, sector businessmen elected 2010 as the best year ever for the construction industry, marked by exceptionally healthy results and margins.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Housing loans from the Caixa Econ&#244;mica Federal (Brazilian Saving Bank), the mortgage lending leader, totaled R$77.8 billion, 57.2% up on 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>LCA, a consulting firm, estimates that the sector grew by 13.9% in 2010, reflecting the positive performance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to SindusCon (the building industry association), construction GDP should record annual growth of 6.1% in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Distribution</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to INDA (the Brazilian steel distributors&#8217; association), flat steel sales by distributors totaled 3.8 million tonnes in 2010, 13% up on the previous year,</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>versus purchases of 4.3 million tonnes (+39%), resulting in increased inventories, which were sufficient for 4.3 months of sales in December, higher than the historical average.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INDA expects distributors&#8217; sales to increase by around 10% in 2011, with inventories returning to normal by the end of the second quarter.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Agricultural machinery</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to ANFAVEA, in 2010 production of agricultural machinery increased by 34% over the previous year to 89,000 units. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Annual sales stood at 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></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman,serif">19</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2011, domestic sales are expected to remain stable, a positive trend given the exceptionally robust performance in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>International </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>USA</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to the WSA, U.S. crude steel production totaled 80.6 million tonnes in 2010, 38.5% more than the previous year, while the U.S. Department of Commerce estimated steel imports of 21.7 million tonnes, up by 47%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Given strong pressure from raw material costs, steel plants are announcing flat steel price hikes. Hot-rolled coils that were being traded at around US$630/t FOB in 3Q10 were selling for US$836/t FOB in January 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>U.S. steel distributors&#8217; inventories totaled 4.2 million tonnes in December 2010, equivalent to 2.6 months of sales. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Europe</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to the WSA, Euro zone steel production reached 315 million tonnes in 2010, 19% up on 2009. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As in the U.S., raw material cost increases have forced the industry to rethink pricing, resulting in hikes throughout the continent. According to CRU, German-produced hot-rolled coils, which sold for around US$703/t FOB in 3Q10, were trading at US$773/t FOB in January 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white; VERTICAL-ALIGN: top"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Although demand for steel has been showing signs of recovery in certain countries, there are serious doubts concerning the sustainability of these prices, chiefly due to weak growth prospects in most European nations. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Asia</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to the WSA, crude steel output in China totaled 626 million tonnes in 2010, 9% up on the previous year and a new record, accounting for 44% of the global total.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Japan's crude steel production increased by a substantial 25% over 2009, reaching 109 million tonnes.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CRU&#8217;s figures also show price increases in China, with hot-rolled coils trading at US$740/t CIF in the first week of February 2011. </FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Analysis of Results</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The steel segment comprises the production, distribution and sale of flat steel in Brazil and abroad.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Net Revenue</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, net revenue from steel operations came to R$9,926 million, 21% up on 2009, chiefly due to higher sales volume.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Total Sales Volume</FONT></U></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN recorded total sales volume of 4.8 million tonnes in 2010, 17% more than the year before. Of this total, 86% was sold on the domestic market, 10% by overseas subsidiaries, and 4% went to direct exports. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Domestic Sales Volume</FONT></U></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Domestic sales totaled 4.1 million tonnes in 2010, a 28% improvement over the year before, fueled by stronger demand for flat steel in Brazil.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exports</FONT></U></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN exported 661,000 tonnes in 2010, 24% less than the previous year. Sales by CSN LLC and Lusosider totaled 484,000 tonnes, while direct exports totaled 177,000 tonnes. The reduction was due to the Company&#8217;s strategy of favoring the domestic market, where margins are higher.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Prices</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, net revenue per tonne averaged R$2,019, 5% above the 2009 figure, reflecting higher export prices and the greater share of domestic sales in the sales mix.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Production </FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Parent company crude and rolled steel production totaled 4.9 million tonnes and 4.7 million tonnes, respectively, in 2010, corresponding to respective annual increases of 12% and 15%. </FONT></P>

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   <TD style="BACKGROUND-COLOR: #7aa4bc" width="40%" align=middle><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Production (in thousand t)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #7aa4bc" width="20%" align=middle><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2009</FONT></TD>

   <TD style="BACKGROUND-COLOR: #7aa4bc" width="20%" align=middle><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">2010</FONT></TD>

   <TD style="BACKGROUND-COLOR: #7aa4bc" width="20%" align=middle><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Change<BR>2010 x 2009</FONT></TD></TR>

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   <TD width="40%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Crude Steel (UPV)</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,371</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,902</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">12%</FONT></TD></TR>

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   <TD width="40%"><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">Rolled Products</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,109</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">4,707</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 9pt">15%</FONT></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cost of goods sold (COGS)</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Steel segment COGS came to R$6.09 billion in 2010, 9% up on the R$5.57 billion posted in the previous year, basically as a result of higher sales, partially offset by the greater dilution of fixed costs.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Production costs</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, the parent company&#8217;s total production costs stood at R$5.57 billion, R$1.02 billion more than the R$4.56 billion reported in 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Raw materials:</FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> increase of R$646 million, primarily related to the following inputs:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 21.6pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Coal: </FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>upturn of R$197 million, basically due to the higher acquisition cost and increased consumption;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 21.6pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Slabs and coils acquired from third-parties:</FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> increase of R$210 million;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 21.6pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Pellets: </FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>growth of R$110 million, due to the higher acquisition cost and increased consumption;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 21.6pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Metals: </FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>upturn of R$71 million, due to the higher acquisition cost and increased consumption;</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 21.6pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Other raw materials: </FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>increase of R$58 million.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Labor: </FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>growth of R$102 million, due to the pay increase resulting from the collective bargaining agreement and the merger of Galvasud in January 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3.6pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>General costs: </FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>increase of R$223 million, chiefly due to:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 21.6pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Energy and fuel: </FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>upturn of R$125 million, particularly related to natural gas and electricity;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 21.6pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Maintenance, supplies and other costs: </FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>growth of R$98 million, basically due to period maintenance.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Depreciation:</FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> increase of R$47 million due to new asset incorporations.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Adjusted EBITDA </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Adjusted EBITDA totaled R$3,776 million in 2010, 44% up on the R$2,623 million recorded in 2009, basically due to higher domestic sales, accompanied by an adjusted EBITDA margin of 38%, 6 p.p. higher than the 32% reported in the previous year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Mining</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Scenario</FONT></U></B></P>

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<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>At the beginning of 2010, government incentives were still in force, many of which focused on the intensive use of steel. The commitment of the leading global economies to overcoming the crisis, albeit each to a varying degree, was crucial to the recovery of the market as a whole.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As a result of the recovery, iron ore sales, mostly concentrated in the Chinese market in 2009, became more fragmented.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Nevertheless, China remains a major market player. In 2010, the country imported 619 million tonnes, accounting for 60% of the seaborne market, and this figure is expected to reach 895 million tonnes by 2015, according to CRU. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2010 will be remembered as a year of profound change in the iron ore market. The traditional pricing system, used for over 40 years, was replaced by a system that reflects market oscillations and is subject to periodic reviews. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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. In addition, the monsoons were more aggressive than initially expected, reducing port productivity. The vast majority of new projects (brownfield and greenfield) were delayed and the expected increase in available market volume did not materialize. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Given this scenario, Brazil&#8217;s iron ore exports reached the record level of 307 million tonnes, 15% up on the previous year, according to the LBH Group.&nbsp;&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The government recently launched a National Mining Program, which envisages investments of US$270 billion over 20 years and is designed to triple the production of iron ore, copper ore and other minerals by 2030.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Iron ore spot prices, which averaged US$174/t CFR in December 2010, had already reached US$190/t in the third week of February. Prices are expected to keep moving up in the first half, fueled by increased demand in China and the recovery of the European and North American markets. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Analysis of Results</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company&#8217;s mining sector encompasses the mining and sale of iron ore (the Casa de Pedra mine and a 60% interest in Namisa) and tin (ERSA), in addition to port terminal operations (Tecar).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Iron ore sales</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, total sales of finished iron ore products by CSN and Namisa to third parties amounted to 25.3 million tonnes<SUP>1</SUP>, 13% more than in 2009. Of this total, exports accounted for 23.8 million tonnes and Namisa sold 16.9 million tonnes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Presidente Vargas Steelworks absorbed 6.9 million tonnes in 2010.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 2.85pt 0pt 36pt; BACKGROUND: white"><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>(1)</FONT></I><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>(100%) Production volume, purchases and sales include of the stake in Namisa.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><I><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Considering CSN&#8217;s 60% interest in Namisa, sales came to 18.6 million tonnes in 2010, 6% up on 2009. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Net Revenue</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Net revenue totaled R$3.6 billion in 2010, 84% up on 2009, fueled by the increase in prices and higher sales.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cost of goods sold (COGS)</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mining segment COGS came to R$1.2 billion in 2010, in line with the 2009 figure despite the 6% increase in sales volume.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Adjusted EBITDA </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Adjusted EBITDA totaled R$2.4 billion in 2010, an increase of 201% over the previous year, reflecting higher iron ore prices and the upturn in sales volume, accompanied by an adjusted EBITDA margin of 67%, a 26 p.p. year-on-year improvement. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Logistics</FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Scenario</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Railway logistics </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2010 was a positive year for the rail logistics sector. According to the ANTF (National Rail Transport Association), transported volume grew by 15% over 2009, exceeding 455 million tonnes. Underlining the sector&#8217;s dynamism, the number of rail cars produced moved up by a hefty 223% over the year before to 3,300, according to Abifer (Brazilian Railway Industry Association).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>With investments by private enterprise and support from the government, the outlook is exceptionally promising. The government believes the rail network will be &nbsp;41,000 kilometers long by 2020, 37% more than the current total. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Port logistics</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to Antaq (National Waterway Transport Agency), handled volume totaled 558 million tonnes in 2010 through September, 22% up on the first nine months of 2009 and a new sector record. In the same period, container volume increased by 14.2% year-on-year to 5.4 million TEUs. There was a big upturn in foreign trade, leading Antaq to predict annual volume of 760 million tonnes in 2010.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Analysis of Results</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>This sector encompasses railway logistics, via the Company&#8217;s interest in two companies (MRS Log&#237;stica and Transnordestina Log&#237;stica) and port logistics, through the Sepetiba Tecon terminal.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Railway logistics </FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS Log&#237;stica has a concession to explore public rail cargo transport services in the Southeastern Network of the Federal Railways, operating with integrated logistics, planning, multimodality and established transit times. CSN holds, directly and indirectly, 33.27% of MRS Log&#237;stica&#8217;s voting capital. In 2010, MRS transported 144 million tonnes.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transnordestina</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The project for the new network of Transnordestina Log&#237;stica, the concessionaire operating the Northeastern Network of the Federal Railways, is designed to make the Company the integrated logistics leader in the Northeast region, connecting Piau&#237; to the Port of Suape, in Pernambuco, and the Port of Pec&#233;m, in Cear&#225;. The new network, 1,728 km long and scheduled for conclusion at the end of 2013, will increase rail transport capacity to 30 million tonnes per year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The project is expected to absorb total investments of R$5.4 billion, funded by CSN, the controlling shareholder, FINOR (Northeast Development Fund), the federal government (through Valec) and loans from SUDENE (Northeast Development Board), the BNDES (Brazilian Development Bank) and BNB (Banco do Nordeste do Brasil).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010 the company transported 1.5 million tonnes, chiefly fuel, cement, aluminum, coils and malt, among others.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Analysis of Results</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS and Transnordestina&#8217;s 2010 individual results had not been announced up to the publication of this report. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, consolidated net revenue from railway logistics totaled R$838 million, COGS stood at R$522 million and adjusted EBITDA came to R$349 million, accompanied by an adjusted EBITDA margin of 42%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Port logistics</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TECON</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sepetiba Tecon, a container and general cargo terminal managed by CSN, is the largest container terminal in Rio de Janeiro, and one of the largest in Brazil. It also operates as a hub port. Apart from containers, Sepetiba Tecon also handles CSN&#8217;s steel products and general cargo.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Analysis of Results</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, consolidated net revenue from port logistics totaled R$119 million, COGS stood at R$70 million and adjusted EBITDA came to R$38 million, accompanied by an adjusted EBITDA margin of 32%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Cement </FONT></B></H5>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Scenario</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Preliminary figures from SNIC (the Cement Industry Association) indicate local cement sales of 59 million tonnes, 15% up on the previous year. The Southeast region consumed half of this total and the North was the best performer in terms of growth, moving up by 58%. Estimates point towards a new record in 2011, with sales climbing by between 8% and 9% to 65 million tonnes. &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Annual exports fell by 23%, as manufacturers prioritized the domestic market. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Strong investments in capacity expansion were also announced in 2010, the effects of which should become apparent in the second half of 2011. &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sector&#8217;s growth in the coming years 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Analysis of Results </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Net revenue from cement totaled R$202 million in 2010, 234% up on 2009, from the sale of 992,000 tonnes, up by 193%. Nevertheless, the substantial sales increase still does not reflect CSN&#8217;s full cement operations, which are still growing.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>COGS came to R$164 million, 169% more than in 2009, pushed by the increase in sales. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Adjusted EBITDA was a positive R$9 million, a R$17 million improvement over the negative R$8 million posted in 2009, </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>accompanied by a positive adjusted EBITDA margin of 4%, versus a negative 13% in the previous year. </FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Energy</FONT></B></H5>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Industry Analysis </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, the electric power market was favored by Brazil&#8217;s excellent economic performance, led by the domestic market, driven by increased employment and income, as well as the greater availability of credit. Electricity consumption grew by 7.8% over 2009, according to the Ministry of Mines and Energy&#8217;s Energy Research Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Industrial consumption made the biggest contribution, moving up by 10.9% and consolidating the post-crisis recovery begun in the second half of 2009. Residential and commercial consumption recorded consistent growth of 6.3% and 5.9%, respectively, in line with recent years.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Generating capacity kept pace with the increase in demand. 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></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Given that electricity is crucial to CSN&#8217;s production processes, the Company has been investing in power generation assets to ensure self-sufficiency. In addition to the thermal co-generation plant, which is fueled by residual gases from steel production in the Presidente Vargas Steelworks in Volta Redonda, the Company retains an interest in:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -8.5pt; MARGIN: 0cm 0cm 0pt 8.5pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The It&#225; hydroelectric plant, in Santa Catarina;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Igarapava hydroelectric plant, in Minas Gerais.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company also created CSN Energia, whose main purpose is the distribution and sale of surplus electricity generated by the Company itself and by companies, consortiums or other undertakings in which it holds interest.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN&#8217;s results from the energy segment include the operations of Itasa and CSN Energia. Energy generation costs from the thermal co-generation plant and the Igarapava hydro plant are directly appropriated into the production costs of the steel plants and the mines (Casa de Pedra and Arcos), respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Analysis of Results</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, net revenue from electricity amounted to R$113 million, in line with the previous year. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>COGS totaled R$42 million, 4% down on the R$43 million reported in 2009.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Adjusted EBITDA was positive by R$69 million, in line with the year before.</FONT></P>

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<H5 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Capital Market</FONT></B></H5>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Share Performance </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, CSN&#8217;s shares depreciated by 2%, versus the 1% upturn recorded by the IBOVESPA in the same period. On the NYSE, CSN&#8217;s ADRs appreciated by 8%, versus 11% for the Dow Jones.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>It is worth noting, however, that in the last five years CSN&#8217;s stock has generated returns of 332% for its shareholders, three times more than the 107% upturn in the IBOVESPA in the same period.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Daily traded volume in CSN&#8217;s shares averaged R$106 million in 2010, while on the NYSE daily traded volume in CSN&#8217;s ADRs averaged US$88 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR>

   <TD width="70%"></TD>

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   <TD bgColor=#000080 width="100%" colSpan=5 align=middle><B><FONT color=#ffffff size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Capital Markets - CSNA3 / SID / IBOVESPA / DOW JONES</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=5></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="70%" align=left>&nbsp;</TD>

   <TD bgColor=#000080 width="2%">&nbsp;</TD>

   <TD bgColor=#000080 width="13%" align=middle><B><FONT color=#ffffff size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2010</FONT></B></TD>

   <TD bgColor=#000080 width="2%">&nbsp;</TD>

   <TD bgColor=#000080 width="13%" align=middle><B><FONT color=#ffffff size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2009</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="70%" align=left><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Shares</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>1,483,033,685</FONT></B></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>1,510,359,220</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="70%" align=left><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Market Capitalization</FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="13%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Closing Price (R$/share)</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">26.67</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">27.11</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Closing Price (US$/ADR)</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">16.67</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">15.47</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Market Capitalization (R$ million)</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">38,884</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">39,522</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Market Capitalization (US$ million)</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">24,304</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">22,550</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="70%" align=left><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Total return including dividends and interest on equity</FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="13%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">CSNA3</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">-2%</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">108%</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 1px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">SID</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">8%</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">168%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Ibovespa</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1%</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">83%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Dow Jones</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">11%</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">19%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="70%" align=left><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Volume</FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="13%" align=right>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="13%" align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Average Daily (thousand shares)</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">3,637</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">4,930</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Average Daily (R$ thousand)</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">106,265</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">110,860</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Average Daily (thousand ADRs)</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">5,360</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">7,214</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" width="70%" align=left>

   <P style="MARGIN-LEFT: 0.1in"><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">Average Daily (US$ thousand)</FONT></P></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">88,710</FONT></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=right><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">83,492</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" width="70%" align=left><I><FONT size=1 face=TrebuchetMS-Italic,Arial,Helvetica,sans-serif>Source: Econom&#225;tica</FONT></I></TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="13%" align=left>&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="2%">&nbsp;</TD>

   <TD style="BORDER-TOP: #000000 1px solid" width="13%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="85%" colSpan=3 align=left><I><FONT size=1 face=TrebuchetMS-Italic,Arial,Helvetica,sans-serif>* Figures were retroactively adjusted to reflect the share split occurred on March 25, 2010.</FONT></I></TD>

   <TD width="2%">&nbsp;</TD>

   <TD width="13%" align=left>&nbsp;</TD></TR></TABLE>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="DISPLAY: none"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</H4>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>5- CORPORATE GOVERNANCE</FONT></B></H4>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Investor Relations</FONT></B></H4>

<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2010 was a year of considerable achievement for CSN during which the Company further expanded its communications with the capital market, improving investors&#8217; perception of its basic fundamentals and helping reduce funding costs. The main highlights are shown below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Increased presence in national and international events. In 2010 the Company took part in 20 conferences with the financial market community, equivalent to around 400 meetings with investors. It also held 280 meetings and conference calls in its headquarters, totaling 680 meetings with shareholders;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Market diversification through a Non Deal Roadshow in Tokyo, Hong Kong and Beijing.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>For the fifth consecutive year, CSN took part in Expomoney S&#227;o Paulo, an event targeting individual investors</FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>;&nbsp;</FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Development of closer ties with sell-side analysts through visits to the Casa de Pedra mine, Port of Itagua&#237; and the Presidente Vargas Steelworks, increasing the visibility of the Company&#8217;s operations, strategies and investments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN Shares </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN&#8217;s stock comprises common shares only, each of which is entitled to one vote in the Company's Shareholders' Meetings;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>More than 44% of CSN&#8217;s shares are traded on stock exchanges, mostly in S&#227;o Paulo (BOVESPA) and New York (NYSE). </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sarbanes-Oxley Act</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is in the final phase of Certification for internal controls related to the 2010 Consolidated Financial Statements (CSN and its subsidiaries), in compliance with Section 404 of the Sarbanes-Oxley Act (SOx).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of&nbsp; August 2010, tests were carried out to evaluate the effectiveness of internal controls in CSN, (Presidente Vargas Steelworks, Casa de Pedra mine and CSN Porto Real)&nbsp; CSN Cimentos, CSN LLC, CSN Export, CSN Europe (former CSN Madeira) and Prada, which are companies considered significant for SOx Certification. The managers of each process (process owners) were responsible for carrying out the tests and monitoring existing points.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>It is important to emphasize that the financial, entity level and accounts preparation and disclosure processes are corporate in nature, including all CSN companies except NAMISA, which has its own structure for executing these processes and activities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Ethics Code</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN has employed an Ethics Code since 1998, which is periodically revised and updated. The code is delivered to members of staff in corporate integration training courses, where any possible queries can be resolved.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN&#8217;s Ethics Code details the standards of personal and professional conduct expected of its employees in their relations with co-workers, clients, shareholders, suppliers, communities and competitors, as well as the environment, and also contains a declaration of our corporate conduct and commitments. Its content is in the public domain and is available at </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US color=windowtext face=Arial,sans-serif>www.csn.com.br</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>One issue that has been a permanent feature of the Code since its inception is the rules governing trading in the Company&#8217;s shares.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Disclosure of Material Acts and Facts</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN maintains a Material Act or Fact Disclosure Policy, which determines that all such disclosures must contain information that is accurate, consistent, appropriate, transparent and within the proper timeframes, in accordance with CVM Instruction 358 of January 3, 2002, and Section 409 of the Sarbanes-Oxley Act &#8211; Real Time Issuer Disclosure. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>All material acts or facts are disclosed in Brazil (BOVESPA) and the United States (NYSE), where the Company&#8217;s shares are traded.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Management </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN is controlled by Vicunha Siderurgia S.A. and Rio Iaco Participa&#231;&#245;es S.A., which retain 47.0% and 3.9% of the Company&#8217;s total capital respectively. Management is exercised by the Board of Directors and Board of Executive Officers.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Annual Shareholders&#8217; Meeting</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Annual Shareholders&#8217; Meeting, the Company&#8217;s sovereign body, meets once a year, in accordance with the prevailing legislation, to elect the members of the Board of Directors, examine management&#8217;s accounts and the financial statements, and decide on the allocation of annual net income and the payment of dividends, among other matters. </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Whenever necessary, Extraordinary Shareholders&#8217; Meetings may be called to decide on specific issues that are not within the normal scope of the Annual Meeting</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Board of Directors</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Board of Directors currently comprises seven members, five of whom independent, and meets on a routine basis on pre-established dates throughout the year and on an extraordinary basis whenever necessary. Members are elected for a one-year term of office, re-election being permitted.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Its role is to define and monitor the Company&#8217;s policies and strategies, oversee the activities of the Board of Executive Officers and decide on matters relevant to the Company&#8217;s businesses and operations. It is also responsible for electing the executive officers and may, if necessary, constitute special advisory committees to help in the execution of these duties.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Board of Executive Officers</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Board of Executive Officers is responsible for the day-to-day management of the business in line with the strategies and policies established by the Board of Directors. It currently comprises five officers, including the Chief Executive Officer, who meet periodically, each of whom being responsible for certain specific Company operations, processes and/or businesses. Officers are elected for a&nbsp; two-year term, re-election being permitted.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Audit Committee</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Audit Committee has autonomy to make decisions on all matters concerning Sections 301 and 407 of the Sarbanes-Oxley Act. Its main responsibilities include reviewing, analyzing and making recommendations to the Board of Directors on matters concerning the indication, hiring and compensation of the external auditors, as well as supervising the internal and external audits. In regard to the hiring of external auditors, special procedures are adopted to ensure that there are no conflicts of interest, dependence or loss of objectivity on the part of the auditors in their relations with CSN.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Internal Audit</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN maintains an internal audit department which acts independently within the organization to assist and communicate material facts to the Board of Directors, the Audit Committee and the Board of Executive Officers. It is responsible for ensure the appropriate allocation of resources and protecting CSN companies&#8217; assets, providing support for compliance with the planned results, and improving processes and internal controls in order to enhance financial and operating performance or prevent the risk of losses or fraud and, consequently, any damage to the Group&#8217;s image.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Independent Auditors</FONT></B></P>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 9.65pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-STYLE: normal; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>In 2010, CSN and its subsidiaries&#8217; independent auditors &#8211; KPMG Auditores Independentes &#8211; were hired to perform services in addition to auditing the financial statement</FONT><FONT style="LINE-HEIGHT: 116%; FONT-STYLE: normal; LETTER-SPACING: -0.2pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>s</FONT><FONT style="LINE-HEIGHT: 116%; FONT-STYLE: normal; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 9.65pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-STYLE: normal; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 9.65pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-STYLE: normal; LETTER-SPACING: -0.2pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>It is the belief of both the Company and its independent auditors that these services</FONT><FONT style="LINE-HEIGHT: 116%; FONT-STYLE: normal; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>, essentially appraisal reports, technical support and reviews of income tax declarations, do not affect the latter&#8217;s&#8217; independence. The additional services do not exceed 10% of total external auditing fees.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 9.65pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-STYLE: normal; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 9.65pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-STYLE: normal; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Services additional to the examination of the financial statements are submitted for prior approval to the Audit Committee in order to ensure that, based on the pertinent legislation, they do not represent a conflict of interest or jeopardize the auditors&#8217; independence or objectivity.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 9.65pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-STYLE: normal; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 9.65pt 0pt 0cm; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-STYLE: normal; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>In accordance with CVM Instruction 480/09, on March 22, 2011 the </FONT><FONT style="LINE-HEIGHT: 116%; FONT-STYLE: normal; LETTER-SPACING: -0.2pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Board of Executive Officers</FONT><FONT style="LINE-HEIGHT: 116%; FONT-STYLE: normal; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif> declared that they had discussed, reviewed, and agreed with the opinions expressed in the independent auditors&#8217; report and with the financial statements for the fiscal year ended December 31, 2010.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN operates in a globalized and increasingly complex market and is therefore exposed to several risks that may affect its performance and hence its strategies. In order to improve the monitoring of these risks, the Company maintains a corporate risk area, which is staffed by specialized professionals.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Its main aim is to identify, measure and monitor risks and levels of corporate governance, ensuring compliance with Sections 302 and 404 of the Sarbanes-Oxley Act, and to keep CSN&#8217;s management and shareholders informed on all risks inherent to the business.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company takes a pro-active approach to risk management, seeking to minimize the impact on its business by considering a wide range of factors, including economic, financial, tax and regulatory issues, both in Brazil and abroad.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN&#8217;s internal controls, responsible for mitigating these risks, are executed by the operational areas and monitored by the corporate risk area, the internal audit department, linked to the Board of Directors, and the independent external auditors.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The risks described below are those known to CSN and which may currently pose a threat to the Company&#8217;s business.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Market Risks </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The steel industry is highly cyclical in nature due to supply and demand swings triggered by macroeconomic change worldwide. Any significant decline in demand for steel in the Company&#8217;s markets in Brazil and abroad may have an impact on its operations, which are closely aligned with the performance of the auto, construction, home appliance and packaging industries.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>However, the Company usually weathers such cycles with no undue impact on its business, thanks to the integrated nature of its operations and its exceptionally low production costs, plus the fact that it operates in a diversified range of markets, including mining, rail transport, ports and energy.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Raw Material Supply Risks </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN&#8217; operations are fully integrated and it is almost entirely self-sufficient in terms of steel production. In fact, the only raw materials acquired from third parties are coal (100% imported) and coke (around 25% imported), as well as zinc and aluminum (purchased on the domestic market).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s operations are regarded as integrated because it uses its own raw materials and assets, such as ore from the Casa de Pedra, Namisa, Arcos and ERSA mines, the MRS and Transnordestina Log&#237;stica railways, the Tecar and Sepetiba Tecon port terminals and the electricity generation plants.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition, in order to protect itself against possible abusive pricing on the part of its suppliers, the Company seeks to vary the origin of its imported coal and coke.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Competitive Risks</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>For some years now, the global steel industry has been experiencing a period of intense change, marked by a series of mergers and acquisitions aimed at increasing competitiveness by reducing costs, and Brazil has not been immune to this trend.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN is constantly seeking closer proximity to its clients, offering higher added-value products more suited to their needs in terms of quality, service and delivery times. In order to meet the requirements of the national and international markets in the most efficient manner possible, the Company has acquired an interest in two rolling companies, CSN LLC in the United States and Lusosider in Portugal. This presence in North America and Europe ensures long-term expansion and closer ties with overseas customers. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Foreign Exchange Risks&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Since the Company operates and raises funding abroad, part of its revenue (iron ore and steel exports) and expenses (imported coal, coke and equipment) is in foreign currency.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As a result, it is subject to variations in exchange and interest rates, in turn altering the amount in Reais needed to honor its foreign-currency obligations. It manages this risk by resorting to several different financial instruments, including cash investments in dollars and derivative instruments (without financial leverage, such as put and call options), mainly swaps and future contracts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Environmental Risks</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Although steel plants generate jobs and products that fuel the Brazilian economy, they also produce waste and effluents that may cause damage to the environment. For this reason, they are bound to meet a series of requirements imposed by Brazil&#8217;s strict environmental legislation aimed at controlling atmospheric emissions, liquid effluents, and the handling and disposal of solid waste, in order to protect human and environmental health.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>More than just complying with the legal requirements, CSN has adopted a preventive and pro-active approach to environmental issues, seeking to anticipate possible risks and/or problems.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Legal Risks </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN is involved in several ongoing lawsuits regarding civil, labor and environmental claims, as well as federal, state and municipal taxes and contributions. As a result, at the close of 2010, it maintained legal provisions of around R$2.5 billion and judicial deposits of R$2.7 billion, there being no certainty as to the outcome of these proceedings.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company also seeks to mitigate its legal risks through preventive consulting procedures, close monitoring of the legislation, participating in public hearings on the drawing up and improvement of regulations that have an impact on its activities, and joining professional associations and corporate representative bodies.</FONT></P>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Insurance Risks </FONT></B></H2>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Aiming to mitigate risks and given the nature of its operations, the Company and its subsidiaries have taken out several different types of insurance coverage. These policies are in accordance with risk management policy and are similar to those contracted by other companies in the same sector. Coverage includes national and international transport; transport company civil liability; imports; exports; life and personal accident; health, auto (vehicle fleet), D&amp;O (directors and officers&#8217; liability); general civil liability; engineering risks; sundry risks; export credit; guarantee insurance; and port operator civil liability.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has also renewed material damage and loss of earnings insurance for all its units and subsidiaries, except for the Presidente Vargas Steelworks, Casa de Pedra, Arcos Mining, CSN Paran&#225; and Tecar (insured against material damage), which is currently being negotiated with Brazilian and international insurance and reinsurance companies.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exposure to credit risks from financial instruments is managed by restricting counterparties in derivative instruments to major financial institutions with excellent credit quality. Management therefore believes that the risk of non-compliance by these counterparties is negligible.</FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>7 &#8211; INNOVATION</FONT></B></H4>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In order to meet new demand and market expectations, CSN constantly invests in the development of innovative projects in order to provide its clients with creative product and service solutions. This pioneering attitude, together with the restructuring of the production chain with its most important clients, is one of the Company&#8217;s main strategies for consolidating market share growth.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Research and Development</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, the Company invested around R$57 million in R&amp;D activities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As Brazil&#8217;s leading producer of high value-added coated flat steel products, CSN constantly invests in improving its products, services and processes..Always striving for technical innovation and the continuous improvement of its production procedures, the Company develops new projects and applications to meet the market&#8217;s current and future needs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>One project that underlines CSN&#8217;s innovative approach is the development of pre-painted steel for organo-metallic vehicle fuel tanks, replacing plastic tanks, demand for which is expected to reach 500,000 units per year. Designed using a new base steel coated by the continuous painting line in the Paran&#225; installations, these tanks have greater resistance to corrosion, as well as being more conformable and weldable. They are currently being improved to reduce component weight.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Another pioneering product that has been well accepted in the market is the CSN Extra Fino&#174; cold-rolled steel, which was developed in response to global trends for new applications in white goods and steel furniture.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the packaging segment, the Company invested in the consolidation of a modern innovation center, which allows greater proximity to clients, presenting new proposals, concepts and designs for expanded three-piece cans with attractive and innovative shapes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the construction segment, CSN&#8217;s pre-painted steel has found a new application in the rapid-assembly structures used on a large scale by the Pacifying Police Units (UPP) and Rapid Response Units (UPA) in Rio de Janeiro.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the auto segment, innovation, product development and new applications have been given top priority, exemplified by dual phase steel, which has the advantage of reducing vehicle weight, allowing manufacturers to produce lighter and safer vehicles with reduced CO<SUB>2</SUB> emissions. Other high-resistance steels have also been developed, such as bake hardening, rephosphorized and microalloyed, as well as highly conformable steel for exposed parts, such as titanium-stabilized ultra-low carbon steel.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the mining segment, the Company has been investing consistently in technological studies and the use of new mineral processing technologies in order to increase output, improve product quality and maximize metal and mass recovery. The recent introduction of wet high intensity magnetic separators (WHIMS)has enabled the processing of rejects from the Casa de Pedra processing plant, transforming part of them into pellet feed. Over the last five years, the consistent development of technological studies has demonstrated the feasibility of building plants to process poor-quality itaberites from the Casa de Pedra mine into pellet feed.</FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>8- PEOPLE</FONT></B></H4>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; BACKGROUND: white" align=left><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>After stepping up its efforts to ensure an even greater alignment between its people management model and its culture of maximizing value creation, in 2010 CSN concentrated on developing and training its employees in order to sustain the expansion projects in each of its segments.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>People management policies are compatible with the competitive environment and are strongly geared towards performance and leadership, being supported by learning and the propagation of knowledge.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN and its subsidiaries closed 2010 with approximately 19,000 employees, 12.7% more than at the end of the previous year.</FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Internal Communications</FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN maintains various several internal communications channels. In 2010, it launched yet another important vehicle, the </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mural Eletr&#244;nico</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, a type of electronic notice board permitting more modern and rapid communications. The Company installed 36 screens in almost all of its units, delivering corporate and local news, as well as information on the markets where we operate and national and international news.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As for our existing channels, the intranet provides information on the Company and its policies, with access to the Ethics Code, the Organizational Manual and the Safety Manual.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition, employees receive up-to-date news on CSN&#8217;s projects through the </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mat&#233;ria-Prima&nbsp;</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> newspaper, a bi-monthly publication with print-run of 25,000. Internal campaigns also provide information on the Company&#8217;s various activities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s people management model is based on five pillars - Attract; Align and Engage; Evaluate; Develop; Recognize and Reward &#8211; and is sustained by investments in projects for professional development and improvement, thereby contributing to the growth of the organization and its people.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>At the end of 2010, it opened inscriptions for the new Trainee Program and Young Professionals Program, whose objective is to attract young talent up to two years after graduation in order to meet the Company&#8217;s specialist needs. There were more than 15,000 applicants, with the hirinig of 40 &nbsp;trainees and 85&nbsp; young professionals.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The internship program is aimed at students undergoing technical and university courses in a wide range of subjects, the basic aim being to familiarize them with the corporate environment. In 2010, there were around 500 interns spread through all units of the group.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Capacitar&nbsp;</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> program trains high school graduates aged between 18 and 24 in the mining, steelmaking, cement and logistics areas so that they are qualified to enter the job market. In 2010, it had 568 participants The program has proved highly successful and has been expanded&nbsp; to all the group&#8217;s units.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Aprendizagem&nbsp;</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> (Apprenticeship) program aims to train and transmit a set of skills to young people that will favor the progress of their studies, increasing their prospects of entering and remaining in the job market, in addition to offering professional training courses in partnership with SENAI (National Industrial Apprenticeship Service). </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company seeks to motivate and value its employees by prioritizing internal recruitment. In 2010, 42% of all job openings were filled by in-house candidates through a fair and transparent process which recognizes personal performance and encourages individual development.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In an attempt to ensure fast-track adaptation, CSN developed the Corporate Integration Program for executives to present the Company&#8217;s mission, vision, values and culture, as well as foster integration with colleagues.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Also on the talent development and retention front, the Company offered 73 places in MBA courses in renowned Brazilian institutions to highly skilled professionals selected from the trainee programs. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>It also granted 241 university scholarships and 261 technical course scholarships, further contributing to the professional and personal growth of its employees.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, the trainees who entered the program in 2008 continued to take part in various development initiatives. After the program was completed, they had the opportunity to present the Practical Project they had been working on throughout the program to management. The aim was to propose solutions for corporate problems or for improving corporate processes. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, CSN created the </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Ciranda do Conhecimento</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> Program, aimed at promoting continuous learning, propagating knowledge and expanding the organization&#8217;s intellectual capital. The program is conducted by CSN multipliers, who have considerable knowledge of certain specific academic areas. This transfer of knowledge fostered the development of both employees and instructors, who not only developed new abilities and skills but were also recognized by the group.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In order to support the expansion and sustainability of the CSN Group&#8217;s businesses, the Company developed a program to identify, evaluate and develop potential leaders.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>All in all, the various 2010 training programs totaled 2.08 million man-hours.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Managing Competencies (</FONT></B><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Rumo Certo</FONT></I></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>) &nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN develops initiatives to monitor the competencies of its staff, competencies being defined as the set of knowledge, skills and attitudes demonstrated by the employee. The ten competencies are divided into three categories: core (essential), sustainability and business. </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Verdana,sans-serif>This instrument also helps identify talent within the organization, providing support for </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>decisions regarding resources as well as training and development programs .</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, all executives, senior management and administrative staff were trained in regard to the competencies mapped in 2009, as well as in the new process for assessing competencies, called </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Rumo Certo </FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(Right Way). The Company also </FONT>


<FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>implemented a Feedback Workshop to introduce techniques and tools to help managers with this process, thereby encouraging efficient and high- quality employee development.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Profit sharing</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN&#8217;s profit sharing program is designed to ensure a steady improvement in the Company&#8217;s results and to create value for its shareholders by emphasizing performance and the development of strategies.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Managers and employees are assessed in relation to the results of the Company and the business unit where they work, as well as their own specific performance, always in line with the strategic maps and GVA<SUP>&#174;</SUP>. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This balance means that bonuses are based on the effective contribution of each area to the achievement of the strategic targets defined by the Company, thereby ensuring that the best performances are rewarded.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, CSN stepped up its efforts to propagate a culture of occupational safety, aiming to preserve the safety and health of its own and outsourced employees.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Consequently, the Company has been improving its Occupational Health and Safety Management System with a series of measures to avoid accidents, including workplace risk assessment; occupational hygiene program; risk assessment of installations and processes; daily visits to the workplace; standardization of activities; a quality audit focused on 5S; investigation and analysis of accidents and incidents; labor certification; operational diagnostics; critical operational process analysis; dissemination of the safety manual; a behavior monitoring program; management of outsourced companies; procedures for adapting workspace utilization conditions; and audits.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The following initiatives in 2010 are particularly noteworthy:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 46.3pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Implementation of the Top Safety program, recognizing the best employees in the Production Steel Units (DEPRO) in terms of safety, encouraging them to commit to and engage in safe behavior, team work, accident reduction and safety excellence. The program culminated with an event for employees and their families called SAFE BEHAVIOR, A PERSONAL VALUE.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 46.3pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Training program in association with the national manufacturers of the motorcycles used by the Company and its outsourced companies, helping build a culture of safety among motorcyclists. After the program was launched in September, the number of motorcycle accidents declined from two per month to zero at year-end.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 46.3pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>A substantial 38.7% reduction in the number of traffic accidents (from 62 to 38), reflecting the increase in safe driving initiatives designed to raise our employees&#8217; awareness of the need for safety in traffic.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 46.3pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Program for 5,757 outsourced employees (30% more than in 2009) in the CSN Foundation&#8217;s&nbsp; Safety Training Center aimed at raising safety awareness (development of risk perception).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 46.3pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Recognition of CSN&#8217;s workplace safety by renowned institutions. The Company received the 2010 Labor Health and Safety Honor and Merit Award for being best in the steelmaking category.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In overall terms, the personnel accident rate fell by 22.2% in 2010, from 3.65 to 2.84, the lowest level for eight years.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Corporate Social Responsibility</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Social responsibility is a priority for CSN. Through the CSN Foundation, the Company develops socially responsible policies with an extensive outreach, contributing to the social and economic development of the communities where it operates. These initiatives, in partnership with the government and the community, are designed to value the best assets&nbsp; of each region &#8211; their people.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Between 2006 and 2010, CSN invested more than R$81 million in these initiatives, R$14.9 million of which in 2010 alone, allocated to educational, cultural, sports and health activities</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition to the Foundation&#8217;s initiatives, CSN makes use of fiscal incentive mechanisms to sponsor several cultural and sporting projects of other institutions following a rigorous election process. In 2010, these included the exhibition L&#250;cio Costa &#8211; the Architect, as part of Bras&#237;lia&#8217;s 50<SUP>th</SUP> anniversary celebrations; the book </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Direitos Humanos &#8211; Imagens do Brasil</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> (Human Rights &#8211; Images of Brazil), construction of the Brazilian Library at the University of S&#227;o Paulo to house the Guita and Jos&#233; Mindlin collection; the films </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Tropa de Elite 2</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> (Elite Squad 2) and </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Eu e Meu Guarda-Chuva</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> (Me and My Umbrella); and the installation of two education-through-sports centers for the Passe de M&#225;gica Institute.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN supports several NGOs registered with various Municipal Councils for Children and Teenagers&#8217; Rights,&nbsp; focusing on the socially vulnerable. Among the most important are GRAACC (Support Group for Children and Teenagers with Cancer), which the Company helped with its expansion project, and the Deco 20 Institute, which develops several cultural and sporting activities.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The most important programs conducted directly by the CSN Foundation and supported by the Company, which&nbsp; benefited thousands of people in 2010 are described below:</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Vocational Training</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Pandi&#225; Cal&#243;geras Technical School (ETPC), in Volta Redonda (RJ), prepares students for the job market and also for the college entrance exam, having helped a great many young people to attend university.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, it had 1,073 students, 238 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Verdana,sans-serif>of whom on full scholarships and </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>169 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Verdana,sans-serif>on partial scholarships</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>. CSN also offered the </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Curso Capacitar Siderurgia</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> (steelmaking training course) to five groups, each of them 4 months long, totaling 178 students, selected through an entrance exam. The course is free of charge and students even receive a monthly grant of one minimum wage while attending.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The General Edmundo Macedo Soares e Silva Technological Education Centre (CET), located in Congonhas (MG), </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>has been offering vocational training courses for over 49 years, </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>helping supply qualified professionals for companies in the Alto Paraopeba region</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, the CSN Foundation offered 45 full scholarships and 17 partial scholarships for high-school vocational and technical courses. The Foundation also maintains partnerships with external bodies, such as PEP (the Minas Gerais State Vocational Training Program) and the municipal government of Congonhas, which enabled full scholarships for 185 students. Another 48 full scholarships were offered within the Industrial Learning Course, sponsored by CSN.&nbsp; These 48 students also received monthly financial grants while attending.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Bela Vista Hotel School, in Volta Redonda, offers training in hotel and catering services for young adults at risk aged between 18 and 25 in the Sul-Fluminense region of Rio de Janeiro State. The course is designed to prepare students for the job market and contains modules on governance, reception, kitchen practices, events, preventive maintenance, career guidance, waiting, hygiene and food handling, entrepreneurship, information technology and customer service, as well as a simulation workshop.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Every six months, </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Verdana,sans-serif>80 young people are invited to take part in the course following a selection process</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> in association with the Social Assistance Reference Centers (CRAS). It is worth stressing that the region has enormous demand for qualified labor in the service sector, so most students have already been hired by regional hotels, restaurants, hospitals and event organizers by the time they graduate. Ten percent of course openings are earmarked for youngsters who are doing community services through a partnership with Degase/RJ.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>Social and Cultural Projects</FONT></U></B></P>

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<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>Garoto Cidad&#227;o Project </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The purpose of this project is to encourage the social, educational and emotional development of the participants, helping to create well-informed, critically-aware citizens. Implemented in 1999, it is aimed at children and teenagers aged between 6 and 16 years and enrolled in the public school system, who are deemed to be in situations of social risk. The project is implemented in association with local government authorities and functions outside of school hours, offering workshops on music, theater and dance, the visual arts and digital inclusion, as well as refresher courses.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The number of beneficiaries has been increasing every year, totaling 845 in 2008, 1,110 in 2009 and 1,904 in 2010, when the project was conducted in six cities &#8211; Itagua&#237; and Volta Redonda, in Rio de Janeiro, Congonhas and Arcos, in Minas Gerais, Arauc&#225;ria, in Paran&#225;, and Mogi das Cruzes, in S&#227;o Paulo. In 2011, it will be expanded and the Company plans to open units in the Northeast.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition, thanks to optimization of the resources involved and without any loss of service quality, the monthly per capita cost of the project has been steadily declining, falling from R$221.47, in 2007, to R$136.10 in 2010, a reduction of 38.6%.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Um Caminh&#227;o Para Jorge Amado</FONT></I></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Launched in 2010, the </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Um Caminh&#227;o Para Jorge Amado Em Tr&#234;s Momentos</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> project introduces the public to works by renowned Brazilian writers, using the performing arts as a social transformation tool. The project uses a specially-adapted truck with sound and light equipment as a stage.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition to encouraging reading, the project contributes to the development and learning of children and teenagers. Two texts by Jorge Amado were selected: </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Capit&#227;es da Areia</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> (Captains of the Sand) and </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>O Gato Malhado e a Andorinha Sinh&#225; </FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(The Swallow and the Tom Cat).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The project replaces the initiative </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Um Caminh&#227;o Para Ziraldo &#8211; Ziraldo de A a Z</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, which traveled through 20 states between 2006 and 2009, reaching 360,000 people.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN Foundation Cultural Center</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The CSN Foundation Cultural Center holds a series of seminars, workshops, lectures, exhibitions, recitals and concerts, among other events, aiming to increase the Volta Redonda community&#8217;s access to the arts and achieve social transformation through culture.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Art Gallery project encourages and promotes artists at the forefront of contemporary art as well as fostering artistic investigation and debate through exhibitions, courses, community workshops and seminars.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The CSN Foundation Youth Symphony Orchestra</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Based at the Cultural Center, the Youth Symphony Orchestra is composed of 85 young musicians, all of whom youngsters living in situations of social risk who have passed through a selection process.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Participants are taught orchestral techniques, complementing their classes in choral singing, vocal techniques, musical theory and perception, and the history of music.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, the project presented the following concerts: </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Special Concert</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, starring Wagner Tiso and L&#244; Borges, </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>August Concert</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> and </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Marvelous World of Monteiro Lobato</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, all of which in Volta Redonda (RJ); </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Light of Christmas</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, in Petr&#243;polis (RJ); and the </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Symphonic Beatles Concert</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, in Mogi das Cruzes (SP). The total audience was 7,300 people.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Steel Drum Orchestra</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Composed of Youth Symphony Orchestra members as well as members of the community, mostly from the cultural workshop projects, the Steel Drum Orchestra, sponsored by the CSN Foundation, is one of the first orchestras of its type in Brazil. Founded in 2008, it has already performed for around five thousand people. The most important presentations in 2010 were: Expo A&#231;o (April); Reception for the Prince of Belgium (May) and the Concert in Volta Redonda (September).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cultural Workshops</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The cultural workshops are held by producers and artists, including musicians, actors, painters and dancers, enabling children, youngsters and adults to have access to cultural activities. In 2010, the workshops were attended by more than 1,200 people from the community, including youngsters enrolled through the partnerships with APAE and Degase.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sound Library (Fonoteca)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The CSN Foundation maintains a valuable phonographic collection composed of 16,000 33 and 78 rpm records and over 3,000 musical scores, inherited from the former radio station R&#225;dio Sider&#250;rgica Nacional, in Volta Redonda. The collection, duly restored and digitalized, is now available to the community for leisure, research and the preservation of radio memorabilia. The project also includes an on-line radio station to ensure even wider access to this invaluable material. In 2010, the Fonoteca Project began offering professional training courses to youngsters doing community service referred through the association with Degase/RJ.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Social and Sporting Projects</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Social Sports Program, sponsored by the CSN Foundation and launched in 2010 with the support of the Ministry of Sports and the National Council for Children&#8217;s and Teenagers&#8217; Rights (CONANDA), offers a series of activities to 320 socially vulnerable children and teenagers attending public schools in Volta Redonda, Barra Mansa and Barra do Pira&#237;. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Through courses and workshops, the program offers a series of sports, including football, volleyball, badminton, tennis and judo for youngsters aged between 7 and 18 years old. These activities are held in the Recreio do Trabalhador sports facilities, maintained by the CSN Foundation in Volta Redonda.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The program also includes educational and cultural lectures and workshops for participants&#8217; families.</FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>10- ENVIRONMENTAL RESPONSIBILITY </FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Environmental responsibility </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Verdana,sans-serif>is one of the pillars of CSN&#8217;s business strategy, so much so that concern for the environment is an integral part of its mission and values</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>. Every day, it strives to improve its processes in order to obtain consistent gains in environmental performance. All of its main units have received ISO 14,001 environmental certification and it is constantly striving to integrate its activities in this area, eliminating waste and increasing the energy efficiency of its various industrial facilities. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In its operations, CSN aims to consolidate sustainable initiatives for local and regional development, integrating the different interests of the parties involved.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 2010, the Company spent R$336 million on environmental projects, including capex and defrayal costs.</FONT></P>

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<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>11- DISCLAIMER </FONT></B></H4>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Certain of the statements contained herein are forward-looking statements, which express or imply results, performance or events that are expected in the future. Actual results, performance or events may differ materially from those expressed or implied by the forward-looking statements as a result of several factors, such as the general and economic conditions in Brazil and other countries, interest rate and exchange rate levels, future renegotiations and prepayment of liabilities or loans in foreign currency, protectionist measures in the U.S., Brazil and other countries, changes in laws and regulations and general competitive factors (on a global, regional or national basis).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN&#8217;s financial information presented herein is in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and with the accounting practices adopted in Brazil. Non-financial information, as well as other operating information, has not been audited by the independent auditors.</FONT></P>

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<H1 style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" face=Arial,sans-serif>Table of Contents</FONT></B></H1>

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   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Company Information</FONT></B></P></TD>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Company's ownership</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">2</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Cash Dividends</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">3</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Parent Company Financial Statements </FONT></B></P></TD>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance Sheet &#8211; Assets</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">4</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance Sheet &#8211; Liabilities and Stockholders&#8217; equity</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">5</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Statement of Income</FONT></P></TD>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Statement of Comprehensive Income</FONT></P></TD>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Statement of Cash Flows</FONT></P></TD>

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   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Statement of Changes in Shareholders&#8217; Equity</FONT></B></P></TD>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Statement of Changes in Shareholders&#8217; Equity &nbsp;&#8211; 01/01/2010 to 12/31/2010</FONT></P></TD>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Statement of Changes in Shareholders&#8217; Equity &#8211; 01/01/2009 to 12/31/2009</FONT></P></TD>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Statement of Added Value </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">13</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Consolidated Financial Statements</FONT></B></P></TD>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance Sheet - Assets</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">15</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Balance Sheet - Liabilities and Stockholders&#8217; equity</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">16</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Statement of Income</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">18</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Statement of Comprehensive Income</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">19</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Statement of Cash Flows</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">20</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Statement of Changes in Shareholders&#8217; Equity</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif"></FONT>&nbsp;</P></TD></TR>

<TR>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Statement of Changes in Shareholders&#8217; Equity&nbsp; &#8211; 01/01/2010 to 12/31/2010</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">22</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Statement of Changes in Shareholders&#8217; Equity&nbsp; &#8211; 01/01/2009 to 12/31/2009</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">23</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 6pt 0in 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Statement of Added Value </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">24</FONT></P></TD></TR>

<TR>

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   <P style="MARGIN: 6pt 0in 3pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">Notes to the Financial Statements</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face="Times New Roman,serif">26</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>

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<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#8211; STANDARD FINANCIAL STATEMENTS &#8211; December 31, 2010 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>

   <P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%">

<H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P></DIV>

<DIV style="page: WordSection1">

<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Company Information / Company's ownership</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #bfbfbf; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Number of Shares</FONT></B></P>

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>(units)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #bfbfbf; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Last Fiscal Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #bfbfbf; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Paid in Capital</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Common</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,483,033,685</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Preferred</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,483,033,685</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Treasury Shares</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Common</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>25,063,577</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Preferred</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>25,063,577</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 14.2pt; PADDING-TOP: 0in" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 2</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>

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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection2">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Company Information / Cash Dividends</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Event</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Approval</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="20%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Type</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Date of Payment</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Type of Share</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Class of Share</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 3pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Amount per Share</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 3pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>(R$/share)</FONT></B></P>
</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>General Annual Meeting</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>04/30/2010</FONT></P>
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     <TD style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="20%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Dividend</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>06/25/2010</FONT></P>
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     <TD style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Common</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 3pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02883</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: #a6a6a6 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Under company&#146;s By- laws </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #a6a6a6 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #a6a6a6 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="20%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Dividend</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #a6a6a6 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #a6a6a6 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Common</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #a6a6a6 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #a6a6a6 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 3pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0,18676</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: #000000 2px solid; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Propose</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: #000000 2px solid; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: #000000 2px solid; PADDING-TOP: 0in" vAlign=top width="20%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Dividend</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: #000000 2px solid; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: #000000 2px solid; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Common</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: #000000 2px solid; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: #000000 2px solid; PADDING-TOP: 0in" vAlign=top width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 3pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0,84207</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: #a6a6a6 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Under company&#146;s By- laws</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #a6a6a6 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #a6a6a6 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="20%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=TimesNewRomanPSMT-Identity-H>Interest on stockholders&#146; equity</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #a6a6a6 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #a6a6a6 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Common</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #a6a6a6 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="MARGIN: 3pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #a6a6a6 1pt dashed; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 3pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0,24472</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<DIV style="page: WordSection3"></DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 3</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection3">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Parent Company Financial Statements / Balance Sheet - Assets</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Description</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Last fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>First prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2009</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Second prior fiscal year </FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>37,368,812</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>34,060,028</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>36,769,467</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Current Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>5,519,090</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7,374,111</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,109,789</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Cash and cash equivalents</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>108,297</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,872,919</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,269,546</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Trade accounts Receivables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,180,972</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,829,753</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,770,648</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.03.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Accounts Receivables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,355,191</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,420,435</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,563,245</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.03.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Receivables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>825,781</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>409,318</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>207,403</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Inventory</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,706,713</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,972,003</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,663,336</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Taxes Recoverable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>257,559</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>539,408</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>156,558</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Prepaid Expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,189</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7,819</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>12,597</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Current Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>261,360</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>152,209</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>237,104</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Non-Current Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>31,849,722</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>26,685,917</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>30,659,678</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Long-Term Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,371,380</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>5,379,505</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,150,291</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.01.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Receivables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>18,982</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>27,139</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>90,111</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.01.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Deferred Taxes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>854,437</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>998,182</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,335,620</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.01.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Prepaid Expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>27,540</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>17,390</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>29,283</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.01.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Receivables from Related Parties</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,471,325</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,380,337</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>404,841</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.01.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Non-Current Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,999,096</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,956,457</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,290,436</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Investments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>16,959,784</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>13,796,654</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>19,583,495</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Property, Plant and Equipment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>8,432,416</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7,421,164</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,889,843</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Intangible Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>86,142</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>88,594</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>36,049</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
</DIV>
<a name="_bclFooter44"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 4</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></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_45"></A>
<a name="_bclPageBorder45"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<a name="_bclHeader45"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection3">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Parent Company Financial Statements / Balance Sheet &#150; Liabilities</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Description</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Last fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>First prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2009</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Second prior fiscal year </FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>37,368,812</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>34,060,028</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>36,769,467</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Current Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>5,087,912</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,122,310</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,833,966</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Social and Labor Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>108,271</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>89,685</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>75,649</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Trade Accounts Payable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>334,781</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>337,444</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,669,447</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Tax Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>74,967</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>89,880</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>54,716</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Loans and Financing</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,366,347</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,851,082</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,953,018</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,910,991</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,481,538</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,855,759</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>292,555</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>272,681</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>225,377</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.06.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Tax, Social Security, Labor and Civil Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>200,288</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>172,657</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>149,799</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.06.01.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Social Security and Labor Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>146,175</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>131 ,032</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>105,095</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.06.01.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Civil&nbsp; Provisions </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>54,113</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>41,625</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>44,704</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.06.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>92,267</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>100,024</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>75,578</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.06.02.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provision for Consumption and Services</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>92,267</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>100,024</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>75,578</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Non-Current Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>24,648,140</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>23,431,268</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>22,988,750</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Loans and Financing</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>12,817,002</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>11,732,108</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>10,111,784</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>9,107,570</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>8,477,972</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>8,735,788</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Debts with Related Parties</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>8,141,037</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>8,056,146</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>8,000,005</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.02.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>966,533</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>421,826</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>735,783</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,723,568</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,221,188</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,141,178</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Tax, Social Security, Labor and Civil Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,297,650</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,041,718</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,020,236</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Tax Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,892,345</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,724,573</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,640,788</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04.01.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Social Security and Labor Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>36,966</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>15,308</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04.01.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provisions for Employee Benefits</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>367,839</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>317,145</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>364,140</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04.01.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Civil&nbsp; Provisions </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>500</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>425,918</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>179,470</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>120,942</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04.02.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provisions for Environmental and Decommissioning Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>285,043</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>128,224</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>81 ,928</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04.02.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provision for losses from associates (negative equity)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>140,875</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>51,246</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>39,014</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Shareholders&#146; Equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7,632,760</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,506,450</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,946,751</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Paid-up Capital Stock</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Capital Reserves</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>30</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Profit Reserves</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,119,798</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>5,444,605</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,254,572</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.04.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Legal Reserve</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>336,190</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>336,190</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>336,190</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.04.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Unrealized Profit Reserve </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,779,357</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,779,357</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,658,115</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.04.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Additional Proposed Dividend</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,227,703</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,178,635</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>485,816</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.04.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Treasury Shares</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-570,176</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1 ,191 ,559</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-719,042</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.04.10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Investment Reserve</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,346,724</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,341,982</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,493,493</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Retained Earnings/Accumulated Losses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-33,417</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,011,804</FONT></P>
</TD></TR>
<TR style="HEIGHT: 16.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 16.15pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 16.15pt; PADDING-TOP: 0in" width="40%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Comprehensive Incomes </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 16.15pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-168,015</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 16.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-585,715</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 16.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.35pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-602</FONT></P>
</TD></TR>
<TR height=0>
     <TD width="9%"></TD>
     <TD width="40%"></TD>
     <TD width="25%"></TD>
     <TD width="13%"></TD>
     <TD width="12%"></TD></TR></TABLE></DIV></DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 5</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Parent Company Financial Statements / Statement of Income</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Code</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif> </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 27.7pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Last fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 27.7pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>First prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2009 to 12/31/2009</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 27.7pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Second prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2008 to 01/01/2009</FONT></B></P>
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<TR style="HEIGHT: 13.9pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Revenue from Sales and/or Services</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>10,451,970</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>8,604,360</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
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<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Cost of Goods Sold and/or Services Rendered</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-5,791,570</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-5,547,534</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.03</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Gross Income</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,660,400</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,056,826</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.04</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Operating&nbsp; Expenses/Income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>84,314</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>426,381</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.04.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Selling Expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-531,095</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-466,586</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.04.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>General and Administrative Expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-330,631</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-322,313</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.04.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Operating Income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>120,942</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.405,341</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.04.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Operating Expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-613,072</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-676,248</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.04.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Equity Pick-Up</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,438,170</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>486,187</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Income Before Financial Result and Taxes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,744,714</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,483,207</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0.2in">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Financial Result</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-2,063,221</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-681,890</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.06.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Financial Income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>233,607</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>326,751</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.06.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Financial Expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-2,296,828</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,008,641</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Income Before Taxes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,681,493</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,801,317</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Income Tax and Social Contribution</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-165,117</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-182,383</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.08.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Current</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-90,485</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-270,649</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.08.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Deferred</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-74,632</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>88,266</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net Income of Continued Operation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,516,376</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,618,934</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.11</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Income/Loss for the Period</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,516,376</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,618,934</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.99</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Earnings per Share - (in Reais)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 0in 6.75pt 0pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 0in 6.75pt 0pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 0in 6.75pt 0pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.99.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Basic and diluted Earnings per Share</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 0in 6.75pt 0pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 0in 6.75pt 0pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 0in 6.75pt 0pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.99.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Common </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.75pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.72594</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.75pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.75478</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.75pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0.00000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.99.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Basic and diluted Earnings per Share</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.75pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.75pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.75pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.99.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Common </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.75pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.72594</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.75pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.75478</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=center width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.75pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0.00000</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<DIV style="page: WordSection4"></DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 6</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection4">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Parent Company Financial Statements / Statement of Comprehensive Income</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 31.85pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 31.85pt; PADDING-TOP: 0in" width="7%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 31.85pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif> </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 31.85pt; PADDING-TOP: 0in" width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Last fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 31.85pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>First prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.3pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2009 to 12/31/2009</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 31.85pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Second prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2008 to 01/01/2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 13.9pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="7%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net income/loss for the period</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,516,376</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,618,934</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="7%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>417,700</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-585,113</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 23.45pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 23.45pt; PADDING-TOP: 0in" width="7%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4.02.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 23.45pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-Accumulated translation adjustments and foreign exchange gain of long term investment nature, net of taxes (-) R$270,229</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 23.45pt; PADDING-TOP: 0in" width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-69,270</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 23.45pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-618,723</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 23.45pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="7%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4.02.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Pension plans, net of taxes corresponding to R$10,838</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-28,603</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-3,275</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="7%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4.02.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Available-for sale financial assets, net of taxes corresponding to (-) R$75,520</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>515,573</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>36,885</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.7pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.7pt; PADDING-TOP: 0in" width="7%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.7pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Comprehensive income for the period</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.7pt; PADDING-TOP: 0in" width="19%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,934,076</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.7pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,033,821</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.7pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.15pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 7</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
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<DIV style="page: WordSection4">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Parent Company Financial Statements / Statement of Cash Flows &#150; Indirect Method</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 20.6pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif> </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Last fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>First prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.3pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2009 to 12/31/2009</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="15%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Second prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2008 to 01/01/2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net cash from operating activities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,122,538</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,875,223</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Cash generated in the operations</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,885,973</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,306,407</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net income for the year</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,516,376</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,618,934</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provision for charges on loans and financing</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,013,881</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,666,715</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Depreciation / depletion / amortization</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>627,852</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>572,087</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Result from the write-off and sale of assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>788</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>59,733</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Equity pick up</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,438,170</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-486,187</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Deferred income and social contribution taxes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>74,632</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-88,266</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Gain/Loss with dilution of interest in subsidiary</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7,450</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-819,927</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provision for Actuarial Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,393</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-47,622</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.11</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provision for contingencies</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>232,444</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>91,436</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.12</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net monetary and exchange variations</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-17,998</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-2,625,095</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.13</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provision for losses from receivables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>8,535</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>29,040</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.14</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-125,140</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>335,559</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Changes on Assets and Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,763,435</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-3,181,630</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Receivables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-75,718</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-321,750</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Inventory</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-659,980</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>598,805</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Credit with subsidiaries and affiliated companies</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>79,256</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-340,761</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Recoverable taxes </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>343,877</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-354,068</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Trade Accounts Payable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-13,295</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,027,178</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Salaries and social charges</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-53,126</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>14,037</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Taxes payable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>45,448</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>269,107</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Taxes paid in installments - Refis</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-413,657</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-103,500</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Accounts payable to subsidiaries</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-4,013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>106,787</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.11</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Dividends and interest on shareholders&#146; equity received</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>370,788</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>299,296</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.12</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Judicial deposits</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-28,591</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-702,598</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.13</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Contingencies</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-11,052</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-427,355</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.16</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Interest paid</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,366,978</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,073,098</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.17</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Interest paid on swap</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-18,038</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; -17,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.18</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>41,644</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; -102,354</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net cash from investment activities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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;-4,962,075</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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; 3,296,424</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Receipt/payment of operations with derivatives</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.02.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Capital decrease of subsidiary</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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;234,172</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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; 5,948,849</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.02.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Investments / Advances for future capital increases</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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;-3,944,867</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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; -1,485,149</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.02.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Property, plant and equipment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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;-1,549,303</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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;-1,164,430</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.02.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Intangible assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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;-1,309</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -2,846</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.02.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Cash from the merger of subsidiary</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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;299,232</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net cash from financing activities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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;76,719</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183,723</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.03.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Loans and financing</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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;2,663,709</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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; 5,946,354</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.03.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Financial institutions - principal</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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;-1,026,195</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-2,384,724</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.03.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Dividends and interest on shareholders&#146; equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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;-1,560,795</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-2,027,600</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.03.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Treasury shares</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,350,307</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0.2in">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Exchange variation over cash and cash equivalents</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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;-1,804</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,551</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Increase (decrease) of cash and cash equivalents</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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;-2,764,622</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,603,373</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.05.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Opening balance of cash and cash equivalents</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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;2,872,919</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,269,546</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.35pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.05.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.35pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Closing balance of cash and cash equivalents</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.35pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" 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;108,297</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.35pt; PADDING-TOP: 0in" width="15%" align=right>
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,872,919</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.35pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</FONT></P>
</TD></TR>
<TR height=0>
     <TD width="8%"></TD>
     <TD width="46%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD>
     <TD width="15%"></TD></TR></TABLE></DIV></DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 8</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection5">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Parent Company Financial Statements / Statement of Changes in Shareholders&#146; Equity &#150; 01/01/2010 to 12/31/2010</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.35pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.05in 0pt 0in; punctuation-wrap: simple" align=center><B><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 7pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="23%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Description</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.1in 0pt 7.9pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Paid-in Capital</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.4pt; MARGIN: 0in 7.5pt 0pt 0.1in; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Capital Reserves, Options Granted and Treasury Shares</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 10.45pt 0pt 0in; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Profit Reserves</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.2pt; MARGIN: 0in 0.15in 0pt 10.6pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Accumulated Profit/Losses</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -0.2pt; MARGIN: 0in 0.15in 0pt 11pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Other Comprehensive Income</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Shareholders&#146; Equity</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Opening balances</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5,444,605</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-33,417</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-585,715</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>6,506,450</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Adjusted opening balances</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5,444,605</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-33,417</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-585,715</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>6,506,450</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Capital operations with shareholders</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>49,034</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-1,856,800</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-1,807,766</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.04.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-272,297</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-272,297</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.04.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Interest on shareholders&#146; equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-356,800</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-356,800</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.04.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Cancelled treasury shares</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-34</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-34</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.04.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Additional proposed dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,227,703</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-1,227,703</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.04.10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Approval of proposed dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-1,178,635</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-1,178,635</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Total comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>2,516,376</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>417,700</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>2,934,076</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.05.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Net income for the year</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>2,516,376</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>2,516,376</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.05.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Other comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>417,700</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>417,700</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.05.02.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Translation adjustments for the period</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-69,270</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-69,270</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.05.02.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Pension plan gain/loss</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-28,603</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-28,603</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.05.02.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Available-for-sale assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>515,573</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>515,573</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Other changes in shareholders&#146; equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>626,159</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-626,159</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.06.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Recording of reserves</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>626,159</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-626,159</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="23%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Closing balances</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>6,119,798</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-168,015</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>7,632,760</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<DIV style="page: WordSection6"></DIV>
<a name="_bclFooter49"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 9</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></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_50"></A>
<a name="_bclPageBorder50"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<a name="_bclHeader50"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection6">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Parent Company Financial Statements / Statement of Changes in Shareholders&#146; Equity &#150; 01/01/2009 to 12/31/2009</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.35pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.05in 0pt 0in; punctuation-wrap: simple" align=center><B><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 7pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="26%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Description</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.1in 0pt 7.9pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Paid-in Capital</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="12%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.4pt; MARGIN: 0in 7.5pt 0pt 0.1in; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Capital Reserves, Options Granted and Treasury Shares</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 10.45pt 0pt 0in; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Profit Reserves</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.2pt; MARGIN: 0in 0.15in 0pt 10.6pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Accumulated Profit/Losses</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -0.2pt; MARGIN: 0in 0.15in 0pt 11pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Other Comprehendive Invome</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Shareholders&#146; Equity</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Opening balances</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>3,768,756</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,012,732</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>200,124</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>6,662,589</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Prior years&#146; adjustments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>485,816</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-928</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-200,726</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>284,162</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>IFRS adjustments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-24,867</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-24,867</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.02.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Other adjustments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-176,185</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-602</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-176,787</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.02.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Adjustment of accumulated translation differences according to CPC 37 (R1)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>200,124</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-200,124</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.02.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Additional proposed dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>485,816</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>485,816</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Adjusted opening balances</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>4,254,572</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,011,804</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-602</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>6,946,751</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Capital operations with shareholders</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-657,488</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-1 ,819,965</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-2,477,453</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.04.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Treasury shares acquired</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-1,350,307</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-1,350,307</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.04.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-1 ,500,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-1 ,500,000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.04.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Interest on shareholders&#146; equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-319,965</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-319,965</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.04.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Additional proposed dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,178,635</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,178,635</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.04.10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Approval of proposed dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-485,816</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-485,816</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Total comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>2,622,265</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-585,113</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>2,037,152</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.05.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Net income for the period</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>2,618,934</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>2,618,934</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.05.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Other comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>3,331</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-585,113</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-581,782</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.05.02.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>IFRS adjustments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>3,331</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>3,331</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.05.02.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Pension plan gain/loss</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-3,275</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-3,275</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.05.02.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Available-for sale assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>36,885</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>36,885</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.05.02.10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Translation adjustments of the period and exchange gain investments on foreign operations</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-618,723</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-618,723</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Other changes in shareholders&#146; equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,847,521</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-1 ,847,521</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.06.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Recording of reserves</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,847,521</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-1 ,847,521</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="26%">
<P style="MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Closing balances</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5,444,605</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-33,417</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>-585,715</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.3pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>6,506,450</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 10</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></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_51"></A>
<a name="_bclPageBorder51"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<a name="_bclHeader51"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection6">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Parent Company Financial Statements / Statement of Added Value</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 20.6pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif> </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Last fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>First prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.3pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2009 to 12/31/2009</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="14%" align=right>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Second prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2008 to 01/01/2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Revenues</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>12,743,216</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>11,144,957</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Sales of Goods, Products and Services</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>12,767,477</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>10,474,832</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.01.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Revenues</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-8,228</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>790,334</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.01.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Allowance for/Reversal of Doubtful Accounts</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-16,033</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-120,209</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Input Acquired from Third Parties</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-6,819,206</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-6,163,684</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Costs of Products, Goods and Services Sold</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-5,816,404</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-5,178,039</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.02.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Materials, Energy, Third Party Services and Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-989,033</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-958,003</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.02.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Loss/Recovery of Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-13,769</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-27,642</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Gross Added Value</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>5,924,010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,981,273</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Retention</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-627,852</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-572,087</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.04.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Depreciation, Amortization and Depletion</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-627,852</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-572,087</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net Added Value Produced</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>5,296,158</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,409,186</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Added Value Received in Transfers</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,533,845</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>514,748</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.06.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Equity Pick-Up</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,438,170</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>486,187</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.06.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Financial Income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>92,905</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-605,519</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.06.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,770</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>634,080</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total Added Value to Distribute</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,830,003</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,923,934</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Distribution of Added Value</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,830,003</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,923,934</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Personnel</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>837,185</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>702,061</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Direct Compensation</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>613,139</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>536,268</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.01.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Benefits</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>174,916</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>121,267</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.01.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Government Severance Indemnity Fund for Employees (FGTS)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>49,130</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>44,526</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Taxes, Fees and Contributions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,319,782</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,526,547</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Federal</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,112,121</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,129,044</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.02.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>State</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>183,104</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>379,093</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.02.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Municipal</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>24,557</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>18,410</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Third Party Capital Remuneration</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,156,660</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>76,392</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.2pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<DIV style="page: WordSection7"></DIV>
<a name="_bclFooter51"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 11</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></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_52"></A>
<a name="_bclPageBorder52"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<a name="_bclHeader52"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection7">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Parent Company Financial Statements / Statement of Added Value</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 20.6pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif> </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Last fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.3pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>One before last</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.3pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2009 to 12/31/2009</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Two before last</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2008 to 01/01/2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.03.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Interest</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,154,271</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>74,123</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.9pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.03.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Rentals</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,389</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,269</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Remuneration of Shareholders&#146; Equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,516,376</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,618,934</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.04.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Interest on Shareholders&#146; Equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>356,800</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>319,965</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.04.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,500,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,500,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.2pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.04.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.2pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Retained Earnings / Accumulated Losses for the Period</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>659,576</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>798,969</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.2pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.45pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<DIV style="page: WordSection8"></DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 12</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection8">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Consolidated Financial Statements / Balance Sheet - Assets</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Description</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Last fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>First prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2009</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Second&nbsp; prior fiscal year 01/01/2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>37,801,214</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>30,725,503</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>33,252,396</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Current Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>15,793,688</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12,835,473</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>17,944,505</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Cash and cash equivalents</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10,239,278</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,970,791</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9,151,409</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Trade accounts Receivables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,367,759</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,327,941</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,788,712</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.03.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Accounts Receivables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,259,461</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,186,315</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,086,557</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.03.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Receivables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>108,298</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>141,626</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>702,155</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Inventory</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,355,786</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,605,373</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,621,249</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Taxes Recoverable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>473,787</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>744,774</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>462,141</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Prepaid Expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12,997</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>15,814</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>27,945</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.01.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Current Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>344,081</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>170,780</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,893,049</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Non-Current Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>22,007,526</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>17,890,030</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>15,307,891</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Long-Term Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5,664,879</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5,977,222</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>4,707,749</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Financial Investments Valued at Fair Value</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>112,484</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.01.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Receivables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>58,485</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>212,486</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>375,772</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.01.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Deferred Taxes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,592,941</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,957,058</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,596,905</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.01.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Prepaid Expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>115,755</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>105,921</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>125,011</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.01.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Receivables from Related Parties</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>479,120</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>479,120</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>11,828</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.01.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Non-Current Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,306,094</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,222,637</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,598,233</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Investments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2,103,624</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>321,902</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,512</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Property, Plant and Equipment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>13,776,567</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>11,133,347</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10,071,834</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.02.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="41%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Intangible Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="25%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>462,456</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>457,559</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 7.1pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>526,796</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<DIV style="page: WordSection9"></DIV>
<a name="_bclFooter53"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 13</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></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_54"></A>
<a name="_bclPageBorder54"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<a name="_bclHeader54"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection9">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Consolidated Financial Statements / Balance Sheet &#150; Liabilities</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Description</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Last fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 12.4pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>First prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2009</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Second&nbsp; prior fiscal year 01/01/2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>37,801,214</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>30,725,503</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>33,252,396</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Current Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,455,955</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,998,066</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>9,494,363</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Social and Labor Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>164,799</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>134,190</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>117,994</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Trade Accounts Payable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>521,156</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>504,223</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,939,205</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Tax Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>275,991</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>336,804</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>333,811</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Loans and Financing</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,308,632</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,113,920</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,302,055</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,854,952</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,618,574</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,563,466</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>330,425</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>290,355</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>237,832</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.06.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Tax, Social Security, Labor and Civil Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>222,461</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>189,517</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>161,144</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.06.01.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Social Security and Labor Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>164,839</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>145,806</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>115,041</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.06.01.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Civil Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>57,622</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>43,711</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>46,103</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.06.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>107,964</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>100,838</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>76,688</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.06.02.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provision for Environmental Liabilities and Decommissioning</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>5,887</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.01.06.02.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provision for Consumption and Services</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>102,077</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>100,838</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>76,688</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Non-Current Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>25,522,571</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>20,137,927</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>16,811,282</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Loans and Financing</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>18,780,815</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>13,153,681</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>8,681,098</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,067,435</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,666,323</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,930,613</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Debts with Related Parties</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,028,924</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,980,772</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,878,200</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.02.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,038,511</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>685,551</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,052,413</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Deferred Taxes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>30,040</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,181</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,674,321</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,287,883</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,197,390</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Tax, Social Security, Labor and Civil Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,384,681</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,155,815</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,111,741</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Tax Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,911,260</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,747,060</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,660,486</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04.01.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Social Security and Labor Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>82,373</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>73,892</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>69,676</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04.01.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provisions for Employee Benefits</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>367,839</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>317,145</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>364,140</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04.01.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Civil Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>23,209</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>17,718</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>17,439</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>289,640</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>132,068</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>85,649</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.02.04.02.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provision for Environmental Liabilities and Decommissioning</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>289,640</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>132,068</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>85,649</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated Shareholders&#146; Equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7,822,688</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,589,510</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.65pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,946,751</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Paid-in Capital </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 14.3pt 0pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; Capital Reserves</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>30</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Profit Reserves</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,119,798</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>5,444,605</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,254,572</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.04.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Legal Reserve</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>336,190</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>336,190</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>336,190</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.04.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Unrealized Profit Reserve </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,779,357</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,779,357</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,658,115</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.04.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Additional Proposed Dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,227,703</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,178,635</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>485,816</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.04.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Treasury Shares</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-570,176</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,191 ,559</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-719,042</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.04.11</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Investment Reserve</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,346,724</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,341,982</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,493,493</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Retained Earnings/Accumulated Losses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-33,417</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,011,804</FONT></P>
</TD></TR>
<TR style="HEIGHT: 16.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 16.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 16.15pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Comprehensive Income </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 16.15pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-168,015</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 16.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-585,715</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 16.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-602</FONT></P>
</TD></TR>
<TR style="HEIGHT: 16.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 16.15pt; PADDING-TOP: 0in" width="9%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2.03.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 16.15pt; PADDING-TOP: 0in" width="42%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Non-controlling Shareholders</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 16.15pt; PADDING-TOP: 0in" width="24%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>189,928</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 16.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0.1in 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>83,060</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 16.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<a name="_bclFooter54"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 14</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></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_55"></A>
<a name="_bclPageBorder55"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<a name="_bclHeader55"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection10">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Consolidated Financial Statements / Statement of Income</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 20.6pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif> </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Last fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>First prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.3pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2009 to 12/31/2009</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Second prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2008 to 01/01/2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 13.9pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Revenue from Sales and/or Services</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>14,450,510</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>10,978,364</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Cost of Goods Sold and/or Services Rendered</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-7,686,742</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-7,022,119</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Gross Income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,763,768</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,956,245</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Operating&nbsp; Expenses/Income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,765,422</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-395,013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.04.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Selling Expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-677,962</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-635,784</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.04.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>General and Administrative Expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-536,857</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-480,072</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.04.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Operating Income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>92,478</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,416,735</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.04.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Operating Expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-643,081</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-695,905</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.04.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Equity Pick-Up</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>13</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Income Before Financial Result and Taxes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,998,346</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,561,232</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0.2in">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Financial Result</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,911,458</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-246,435</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.06.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Financial Income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>643,140</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>586,025</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.06.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Financial Expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-2,554,598</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-832,460</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Income Before Taxes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,086,888</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3,314,797</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Income Tax and Social Contribution</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-570,697</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-699,616</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.08.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Current</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-313,371</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-581,735</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.08.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Deferred</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-257,326</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-117,881</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net Income of Continued Operations </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,516,191</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,615,181</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.11</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated Income/Loss for the Period</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,516,191</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,615,181</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.11.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>To controlling Shareholders of the Parent Company</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,516,376</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,618,934</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.11.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>To non-controlling Shareholders</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-185</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-3,753</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.99</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Earnings per Share - (in Reais)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.99.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Basic and diluted Earnings per Share</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.99.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Common</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.72594</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.75478</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0.00000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.99.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Basic and diluted Earnings per Share</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>3.99.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.55pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Common</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.72594</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1.75478</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0.00000</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<DIV style="page: WordSection11"></DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 15</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
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<DIV style="page: WordSection11">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Consolidated Financial Statements / Statement of Comprehensive Income</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 21.85pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 21.85pt; PADDING-TOP: 0in" width="7%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 21.85pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif> </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 21.85pt; PADDING-TOP: 0in" width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Last fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 21.85pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>First prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.3pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2009 to 12/31/2009</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 21.85pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Second prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2008 to 01/01/2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 13.9pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="7%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated net income/loss for the period</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,516,191</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,615,181</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 13.9pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="7%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>417,700</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-585,113</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 24.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.15pt; PADDING-TOP: 0in" width="7%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4.02.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-Accumulated translation adjustments and foreign exchange gain of long term investment nature, net of taxes (-) R$270,229</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.15pt; PADDING-TOP: 0in" width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-69,270</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-618,723</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 24.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="7%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4.02.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;- Pension plans, net of taxes corresponding to R$10,838</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-28,603</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-3,275</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="7%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4.02.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>- Available-for sale financial assets, net of taxes corresponding to (-) R$75,520</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>515,573</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>36,885</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="7%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated comprehensive income for the period</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,933,891</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,030,068</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.95pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.95pt; PADDING-TOP: 0in" vAlign=top width="7%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4.03.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.95pt; PADDING-TOP: 0in" width="46%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Attributed to the Company&#146;s controlling shareholders</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.95pt; PADDING-TOP: 0in" vAlign=top width="17%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,933,891</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.95pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,030,068</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.95pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 16</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
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<DIV style="page: WordSection11">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Consolidated Financial Statements / Statement of Cash Flows &#150; Indirect Method</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 20.6pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif> </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Last fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>First prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.3pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2009 to 12/31/2009</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Second prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2008 to 01/01/2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net cash from operating activities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,482,535</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-773,019</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Cash generated in the operations</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>5,340,886</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,234,450</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net income of the year</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,516,191</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,615,181</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provision for charges on loans and financing</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,489,191</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,130,089</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Depreciation / depletion / amortization</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>806,169</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>780,152</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Result from the write-off and sale of assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>5,827</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>70,494</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Deferred income and social contribution taxes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>257,326</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>117,881</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provision for swap/forward</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>126,492</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-88,986</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Gain/Loss with percentage variation</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-835,115</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provision for actuarial liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,393</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-47,622</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.11</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provision for contingencies</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>199,558</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>99,157</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.12</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net monetary and foreign exchange variations</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>57,119</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-2,024,573</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.13</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Provision for losses from notes receivable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-46,675</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,527</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.01.14</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-72,705</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>416,265</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Variation on assets and liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-2,858,351</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-3,007,469</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Receivables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>143,250</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-51,082</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Inventory</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-794,331</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>926,260</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Taxes to offset </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>247,366</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-313,697</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Trade Accounts Payable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>11,964</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,137,203</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Salaries and social charges</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-36,757</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>15,257</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Taxes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-101,723</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>263,734</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Taxes paid in installments &#150; Refis</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-414,473</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-103,775</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.12</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Judicial deposits</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-33,822</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-737,041</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.13</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Contingent liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>16,868</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-422,375</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.16</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Interests paid</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,190,423</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-992,280</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.17</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Interest paid on swap </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-676,163</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-742,700</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.01.02.18</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-30,107</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>287,433</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net cash from investment activities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-4,635,797</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-617,331</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Receipt/payment from derivative operations</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>395,346</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>248,966</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.02.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net effects &#150; equity swap</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,420,322</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.02.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Investments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 1.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,370,016</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-284,232</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.02.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Property, plant and equipment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 1.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-3,635,911</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,996,759</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.02.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Intangible assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 1.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-25,216</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-5,628</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net cash from financing activities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 1.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,650,582</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,510,476</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.03.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Loans and financing</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 1.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>8,789,548</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7,671,696</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.03.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Financial institutions - principal</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 1.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-2,706,982</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-2,783,313</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.03.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Dividends and interest on shareholders&#146; equity </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 1.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,560,795</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-2,027,600</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.03.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Treasury shares</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 1.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,350,307</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.03.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Paid-in capital in subsidiaries by non-controlling shareholder </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 1.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>128,811</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0.2in">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Exchange variation over cash and cash equivalents</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 1.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-228,833</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,300,744</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 0.2in; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Increase (decrease) of cash and cash equivalents</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 1.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,268,487</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,180,618</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.05.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Opening balance of cash and cash equivalents</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 1.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7,970,791</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>9,151,409</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.35pt; PADDING-TOP: 0in" width="8%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6.05.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.35pt; PADDING-TOP: 0in" width="53%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Closing balance of cash and cash equivalents</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.35pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 1.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>10,239,278</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.35pt; PADDING-TOP: 0in" width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7,970,791</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.35pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR height=0>
     <TD width="8%"></TD>
     <TD width="53%"></TD>
     <TD width="13%"></TD>
     <TD width="13%"></TD>
     <TD width="12%"></TD></TR></TABLE></DIV></DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 17</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


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<a name="_bclPageBorder58"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection12">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Consolidated Financial Statements / Statement of Changes in Shareholders&#146; Equity &#150; 01/01/2010 to 12/31/2010</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.35pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.05in 0pt 0in; punctuation-wrap: simple" align=center><B><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 7pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Description</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.1in 0pt 7.9pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Paid-in Capital</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.4pt; MARGIN: 0in 7.5pt 0pt 0.1in; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Capital Reserves, Options Granted and Treasury Shares</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 10.45pt 0pt 0in; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Profit Reserves</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.2pt; MARGIN: 0in 0.15in 0pt 10.6pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Accumulated Profit/Losses</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -0.2pt; MARGIN: 0in 0.15in 0pt 11pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Other Comprehensive Income</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Shareholders&#146; Equity</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.05in 0pt 0in; punctuation-wrap: simple" align=center><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 6pt" face=Arial,sans-serif>Non-controlliing interest</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Consolidated Shareholders&#146; Equity</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Opening balances</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5,444,605</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-33,417</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-585,715</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,506,450</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>83,060</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,589,510</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Adjusted opening balances</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5,444,605</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-33,417</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-585,715</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,506,450</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>83,060</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,589,510</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Capital operations with Shareholders</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>49,034</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,856,800</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,807,766</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,807,766</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.04.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-272,297</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-272,297</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-272,297</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.04.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Interest on shareholders&#146; equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-356,800</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-356,800</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-356,800</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.04.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Cancelled treasury shares</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-34</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-34</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-34</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.04.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Additional proposed dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,227,703</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,227,703</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.04.10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Approval of proposed dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,178,635</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,178,635</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,178,635</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Total comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,516,376</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>417,700</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,934,076</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-185</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,933,891</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.05.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Net income for the period</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,516,376</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,516,376</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-185</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,516,191</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.05.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Other comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>417,700</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>417,700</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>417,700</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.05.02.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Translation adjustments for the period</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-69,270</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-69,270</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-69,270</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.05.02.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Pension plan gain/loss</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-28,603</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-28,603</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-28,603</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.05.02.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Available-for-sale assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>515,573</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>515,573</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>515,573</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Other changes in shareholders&#146; equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>626,159</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-626,159</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>107,053</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>107,053</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.06.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Recording of reserves</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>626,159</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-626,159</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.06.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0.05in 0.6in 0pt 0.05in; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 6pt" face=Arial,sans-serif>Non-controlliing interest</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>128,811</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>128,811</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.06.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="17%">
<P style="MARGIN: 1.8pt 17.4pt 0pt 0.05in; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Non-controlling interest variation (%)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-21,758</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-21,758</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Closing balances</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,119,798</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-168,015</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>7,632,760</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>189,928</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>7,822,688</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 18</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></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_59"></A>
<a name="_bclPageBorder59"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<a name="_bclHeader59"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection12">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Consolidated Financial Statements / Statement of Changes in Shareholders&#146; Equity &#150; 01/01/2009 to 12/31/2009</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.35pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.05in 0pt 0in; punctuation-wrap: simple" align=center><B><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 7pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Description</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.1in 0pt 7.9pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Paid-in Capital</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.4pt; MARGIN: 0in 7.5pt 0pt 0.1in; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Capital Reserves, Options Granted and Treasury Shares</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 10.45pt 0pt 0in; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Profit Reserves</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.2pt; MARGIN: 0in 0.15in 0pt 10.6pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Accumulated Profit/Losses</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; TEXT-INDENT: -0.2pt; MARGIN: 0in 0.15in 0pt 11pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Other Comprehensive Income</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Shareholders&#146; Equity</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0.05in 0pt 0in; punctuation-wrap: simple" align=center><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 6pt" face=Arial,sans-serif>Non-controlliing interest</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 4.25pt; punctuation-wrap: simple" align=center><B><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Consolidated Shareholders&#146; Equity</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Opening balances</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,768,756</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,012,732</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>200,124</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,662,589</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,662,589</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Prior years&#146; adjustments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>485,816</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-928</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-200,726</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>284,162</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>284,162</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IFRS adjustments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-24,867</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-24,867</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-24,867</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.02.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Other adjustments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-176,185</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-602</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-176,787</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-176,787</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.02.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Adjustment of accumulated translation differences according to CPC 37 (R1)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>200,124</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-200,124</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.02.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Additional proposed dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>485,816</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>485,816</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>485,816</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Adjusted opening balances</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>4,254,572</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,011,804</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-602</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,946,751</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,946,751</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Equity transactions with shareholders</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-657,488</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,819,965</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-2,477,453</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-2,477,453</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.04.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Treasury shares acquired</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,350,307</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,350,307</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,350,307</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.04.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,500,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,500,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,500,000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.04.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Interest on shareholders&#146; equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-319,965</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-319,965</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-319,965</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.04.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Additional proposed dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,178,635</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,178,635</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,178,635</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.04.10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Approval of proposed dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-485,816</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-485,816</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-485,816</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Total comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,622,265</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-585,113</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,037,152</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-3,753</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,033,399</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.05.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Net income for the period</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,618,934</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,618,934</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-3,753</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,615,181</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.05.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Other comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,331</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-585,113</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-581,782</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-581,782</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.05.02.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>IFRS adjustments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,331</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,331</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,331</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.05.02.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Pension plan gain/loss</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-3,275</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-3,275</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-3,275</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.05.02.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Available-for-sale assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>36,885</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>36,885</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>36,885</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>5.05.02.10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 7pt" face=Arial,sans-serif>Translation adjustments of the period and exchange gain investments on foreign operations, net of taxes corresponding to (-) R$270,229</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-618,723</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-618,723</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-618,723</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Other changes in shareholders&#146; equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,847,521</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,847,521</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>86,813</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>86,813</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.06.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Recording of reserves</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,847,521</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-1,847,521</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.06.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0.05in 0.6in 0pt 0.05in; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 6pt" face=Arial,sans-serif>Non-controlling interest</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>86,813</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=top width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>86,813</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="5%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="17%">
<P style="MARGIN: 0in 0in 0pt 3.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Closing balances</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,680,947</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5,444,605</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-33,417</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>-585,715</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,506,450</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>83,060</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 6.25pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,589,510</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<a name="_bclFooter59"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif><BR>
Page 19</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></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_60"></A>
<a name="_bclPageBorder60"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<a name="_bclHeader60"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection12">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Consolidated Financial Statements / Statement of Added Value</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 20.6pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif> </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Last fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>First prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.3pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2009 to 12/31/2009</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Second prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2008 to 01/01/2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Revenues</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>17,038,272</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>13,883,911</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Sales of Goods, Products and Services</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>17,054,701</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>13,222,642</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.01.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other Revenues</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-11,707</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>787,212</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.01.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Allowance for/Reversal of Doubtful Accounts</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-4,722</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-125,943</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Input Acquired from Third Parties</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-8,272,938</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-7,522,577</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Costs of Products, Goods and Services Sold</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-6,950,839</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-6,102,329</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.02.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Materials, Energy, Third Party Services and Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,304,238</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-1,390,533</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.02.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Loss/Recovery of Assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-17,861</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-29,715</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Gross Added Value</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>8,765,334</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,361,334</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Retention</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-806,169</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-780,152</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.04.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Depreciation, Amortization and Depletion</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-806,169</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-780,152</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.05</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Net Added Value Produced</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7,959,165</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>5,581,182</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.06</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Added Value Received in Transfers</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-123,989</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>743,444</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.06.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Equity Pick-Up</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>13</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.06.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Financial Income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-128,069</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>102,546</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.06.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>4,080</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>640,885</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.07</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Total Added Value to Distribute</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7,835,176</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,324,626</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Distribution of Added Value</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7,835,176</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>6,324,626</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Personnel</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,325,117</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,022,844</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.01.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Direct Compensation</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>996,392</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>796,990</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.01.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Benefits</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>254,569</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>167,570</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.01.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Government Severance Indemnity Fund for Employees (FGTS)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>74,156</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>58,284</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Taxes, Fees and Contributions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,189,740</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,332,129</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.02.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Federal</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,800,382</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,840,427</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.02.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>State</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>355,556</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>463,497</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.02.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Municipal</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>33,802</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>28,205</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Third Party Capital Remuneration</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,804,128</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>354,472</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.03.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Interest</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,781,498</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>346,728</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.03.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Rentals</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>22,630</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7,744</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.5pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<a name="_bclFooter60"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif><BR>
Page 20</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<A name="page_61"></A>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection12">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Consolidated Financial Statements / Statement of Added Value </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 20.6pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Code</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif> </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Last fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.95pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2010 to 12/31/2010</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>First prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 3.3pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2009 to 12/31/2009</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 20.6pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 9.7pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Second prior fiscal year</FONT></B></P>
<P style="TEXT-ALIGN: right; MARGIN: 0in 5.6pt 0pt 0in; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>01/01/2008 to 01/01/2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Remuneration of Shareholders&#146; Equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.85pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,516,191</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.85pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>2,615,181</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.85pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.04.01</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Interest on Shareholders&#146; Equity</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.85pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>356,800</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.85pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>319,965</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.2pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.85pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.04.02</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.85pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,500,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.85pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>1,500,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 14.15pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.85pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.2pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.04.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.2pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Retained Earnings / Accumulated Losses for the Period</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.85pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>659,576</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.85pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>798,969</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.2pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.85pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.2pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.2pt; PADDING-TOP: 0in" width="6%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>7.08.04.04</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.2pt; PADDING-TOP: 0in" width="49%">
<P style="MARGIN: 0in 0in 0pt 6.35pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>Non-controlling Interest in Retained Earnings</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.85pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-185</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.2pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.85pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>-3,753</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 15.2pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 4.85pt 0pt 0in; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" face=Arial,sans-serif>0</FONT></P>
</TD></TR></TABLE></DIV></DIV>
<DIV style="page: WordSection13"></DIV>
<a name="_bclFooter61"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif><BR>
Page 21</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="88%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(In thousands of Reais, unless otherwise stated)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OPERATIONS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Companhia Sider&#250;rgica Nacional is a Corporation, established on April 9, 1941, in accordance with Brazilian laws (Companhia Sider&#250;rgica Nacional and its subsidiaries and jointly-owned subsidiaries, jointly called "CSN" or &#147;Company&#148;). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN is a Company which holds shares listed on the S&#227;o Paulo Stock Exchange (IBOVESPA index) and on the New York stock Exchange (NYSE), reporting its information on the Brazilian Securities and Exchange Commission (CVM) and on the </FONT><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Securities and Exchange Commission </FONT></I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(SEC). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The main operating activities of CSN are divided in 5 segments: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Steel:</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Its main industrial complex is the Presidente Vargas Steelworks (&#147;UPV&#148;) located in the city of Volta Redonda, State of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro. This segment consolidates the operations related to the production, distribution and sale of flat steel, metal packaging and galvanized steel, with operations in Brazil, the United States and Portugal, aiming at gaining markets and ensuring excellent services to end consumers. Additionally, it operates in the home appliances, construction and the automobile segments.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mining:</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The iron ore production is developed in the city of Congonhas, in the State of Minas Gerais. CSN also explores limestone and dolomite in the branches in the State of Minas Gerais and tin in the State of Rond&#244;nia, in order to meet the needs of UPV and the surplus raw materials are traded with subsidiaries and third parties. CSN holds the concession to operate TECAR, a solid bulk terminal, one of the four terminals of the Itagua&#237; Port, located in the city of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro. Coal and coke are imported through this terminal.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cement: </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company started in the cement market boosted by the synergy among this new activity and its already existing businesses. A new business unit has been set up beside Presidente Vargas Mill, city of Volta Redonda, State of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro): CSN Cimentos, which is already producing CP-III cement, uses the scrap produced from blast furnaces of Volta Redonda Plant itself. Currently, clinker used in cement production is bought from third parties, however, it will be manufactured by CSN Cimentos &nbsp;in 2011, upon the conclusion of the first stage of the plant in Arcos (MG), where CSN also has a limestone mine.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Logistics:</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Railways:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN holds interest in two railway companies: MRS Log&#237;stica, which operates the former Southeast Network of Rede Ferrovi&#225;ria Federal S.A. and Transnordestina Log&#237;stica, which operates the RFFSA&#146;s former Northeast Network, 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; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Ports</FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>: </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company operates two terminals in the State of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro: the Terminal for Solid Bulk (Tecar) and the Terminal for Containers (Sepetiba Tecon), in the Port of Itagua&#237;. Located in Sepetiba bay, which has a privileged road, rail and sea access. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 22</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In Tecon, is performed the flow of CSN&#146;s steel products, movement of containers, cargo storage, consolidation and deconsolidation.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Energy:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company is one the largest consumers of industrial electricity of Brazil; its consumption is equivalent to the Federal District as a whole. As energy is essential in its productive process, the Company has invested in electricity generation assets to ensure its self-sufficiency. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>For further details on strategic investments related to the Company&#146;s segments, please refer to Notes 12, 13 and 28, in the Segment Information.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SUMMARY OF MAIN ACCOUNTING POLICIES AND PRACTICES</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(a)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Preparation basis</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The consolidated financial statements were prepared and presented in accordance with the accounting practices adopted in Brazil, including the pronouncements issued by the Committee of Accounting Pronouncements (CPCs).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The consolidated financial statements were prepared and presented in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>These being the first financial statements presented in accordance with CPC and IFRS by the Company. The main differences between the accounting practices previously adopted in Brazil (former BR GAAP) and CPCs/IFRS, including reconciliations of shareholders&#146; equity and income statement of the year, are described in Note 4.2, 4.3 and 4.4.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The financial statements of the parent Company were prepared according to the accounting practices adopted in Brazil, issued by Brazilian&nbsp;Accounting Pronouncements Committee</FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(CPC), and accompany the consolidated financial statements. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The preparation of the financial statements in accordance with IFRS and CPC requires the use of certain critical accounting estimates and also the judgment by the Company&#146;s management team in the process to apply the Company&#146;s accounting policy. Those parts requiring a higher judgment level and having greater complexity, as well as the parts where assumptions and estimates are significant to the consolidated financial statements, are being disclosed on the notes to this report, and are related to the allowance for doubtful accounts,provision for inventory losses, provision for labor liabilities civil, tax, environmental and social insurance, depreciation, amortization, depletion, provision for reducing the amount recoverable, deferred taxes, financial instruments and benefits employees. Actual results could differ from those estimates</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Accounting statements are presented in thousands of reais (R$). Depending on applicable IFRS rule, the measurement criterion used in the preparation of the financial statements considers historical cost, net value of realization, fair value, or recovery value. When IFRS and CPCs allow for the option between acquisition cost or other measurement criterion (for instance, systematic remeasurement), the acquisition cost criterion is used.&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The parent Company and consolidated accounting statements were approved by the Board of Directors as of March 22, 2011. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(b)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Consolidated financial statements</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The accounting practices have been considered on a uniform basis to all consolidated companies. </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 23</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; mso-padding-alt: 0in 2.15pt 0in 2.15pt" border=0 cellSpacing=0 cellPadding=0>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The consolidated financial statements in the years ended on December 31, 2009 and 2010 include the following subsidiaries, associates and jointly-owned subsidiaries, both direct and indirect ones, in addition to exclusive funds Diplic and Mugen, as stated below:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" 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%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Companies</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="37%"></TD>
     <TD width="10%"></TD>
     <TD width="10%"></TD>
     <TD width="43%"></TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" rowSpan=2 width="20%" colSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interest in the</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>capital stock (%)</FONT></B>&nbsp;</TD>
     <TD width="43%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left>&nbsp; </TD>
     <TD width="43%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="37%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Companies</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="43%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Main activity</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Direct interest: full consolidation</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="43%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands VII</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands VIII</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands IX</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands X</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands XI</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands XII</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tangua</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>International Investment Fund</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Holding Company and financial operations</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Minerals (1)</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Export</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations, sale of products and Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Metals (2)</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Holding Company and financial operations</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Americas (3)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Holding Company and financial operations</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Steel</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Holding Company and financial operations</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TdBB S.A</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inactive Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Galvasud - absorbed on 01/29/2010</FONT>&nbsp;</TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Steelmaking</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sepetiba Tecon</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Port services</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Minera&#231;&#227;o Nacional</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining and Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN A&#231;os Longos</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production and sale of steel and/or metallurgical products</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Florestal Nacional (4)</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Reforestation</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Estanho of Rond&#244;nia - ERSA</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tin mining</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cia Metalic Nordeste</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Packaging production and distribution of steel products</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia Metal&#250;rgica Prada</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Packaging production and distribution of steel products</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Cimentos</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production of cement</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inal Nordeste</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Steel product service center</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Gest&#227;o of Recursos Financeiros</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inactive Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Congonhas Min&#233;rios</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining and Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Energia</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.90</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Electricity trading</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transnordestina Log&#237;stica</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76.45</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>84.34</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Railway logistics</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Special partnership - Closed on 11/30/2010</FONT>&nbsp;</TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39.47</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Indirect interest: full consolidation</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="43%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Aceros</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Cayman - closed on 08/31/2010</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations, sale of products and Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN IRON - closed on 01/31/10</FONT>&nbsp;</TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations and Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia Siderurgica Nacional LLC</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Steelmaking</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Europe (5)</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations, sale of products and Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Ib&#233;ria</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations and Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Portugal (6)</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations and sale of products</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Lusosider Projectos Sider&#250;rgicos</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Lusosider A&#231;os Planos</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.94</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.94</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Steelmaking and Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Acquisitions</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #f2f2f2" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations and Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Resources (7)</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations and coporate interests</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Finance UK Ltd</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations and Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Holdings UK Ltd</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial operations and Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Energy I - closed on 08/31/2010</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Itamambuca Participa&#231;&#245;es</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining and Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Special partnership - closed on 11/30/2010</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.53</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Direct interest: proportional consolidation</FONT></B>&nbsp;</TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="43%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nacional Min&#233;rios (NAMISA)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining and Holding Company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48.75</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48.75</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Electricity generation</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.93</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.93</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Railway logistics</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Consortium of Igarapava Hydroelectric Plant</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17.92</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17.92</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Electricity consortium</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Aceros Del Orinoco</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.73</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.73</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dormant company</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Indirect interest: proportional consolidation</FONT></B>&nbsp;</TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="43%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Namisa International Minerios SLU</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Holding Company and sale of products and ore (subsidiary of Nacional Min&#233;rios)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Namisa Europe</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.00</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Holding Company and sale of products and ore (subsidiary of Nacional Min&#233;rios)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pelotiza&#231;&#227;o Nacional - absorbed on 12/30/2010</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59.99</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining and Holding Company (subsidiary of Nacional Min&#233;rios)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MG Min&#233;rios - absorbed on 12/30/2010</FONT>&nbsp;</TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59.99</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining and Holding Company (subsidiary of Nacional Min&#233;rios)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.34</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.34</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rail transport</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Aceros Del Orinoco</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.08</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.08</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dormant company</FONT>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Energy, changed as of December 15, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Overseas, changed as of December 15, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(3)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Panam&#225;, changed as of December 15, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(4)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of Itagua&#237; Log&#237;stica, changed as of December 27, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(5)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Madeira, changed as of January 8, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(6)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of Hickory, changed as of January 8, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 18.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(7)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New corporate name of CSN Cement, changed as of June 18, 2010.</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 24</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD vAlign=top width="12%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" 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%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exclusive funds</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
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     <TD width="10%"></TD>
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     <TD width="37%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" rowSpan=2 width="20%" colSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interest in the</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>capital stock (%)</FONT></B>&nbsp;</TD>
     <TD width="43%" align=left>&nbsp; </TD></TR>
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     <TD width="37%" align=left>&nbsp; </TD>
     <TD width="43%" align=left>&nbsp; </TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" width="37%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Specific purpose companies</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="43%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Main activities</FONT></B>&nbsp;</TD></TR>
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     <TD style="BACKGROUND-COLOR: #f2f2f2" bgColor=#f8f8f8 width="37%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Direct interest: full consolidation</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #f2f2f2" bgColor=#f8f8f8 width="10%" align=left>&nbsp; </TD>
     <TD style="BACKGROUND-COLOR: #f2f2f2" bgColor=#f8f8f8 width="10%" align=left>&nbsp; </TD>
     <TD style="BACKGROUND-COLOR: #f2f2f2" bgColor=#f8f8f8 width="43%" align=left>&nbsp; </TD></TR>
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     <TD width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>DIPLIC - Multimarket investment fund</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment fund</FONT>&nbsp;</TD></TR>
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     <TD style="BACKGROUND-COLOR: #f2f2f2" bgColor=#f8f8f8 width="37%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mugen - Multimarket investment fund</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #f2f2f2" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #f2f2f2" bgColor=#f8f8f8 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #f2f2f2" bgColor=#f8f8f8 width="43%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment fund</FONT>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the preparation of the consolidated financial statements, the following consolidation procedures have been adopted:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; 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><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Unrealized gains in transactions with subsidiaries, jointly-owned subsidiaries and affiliated are eliminated according to CSN&#146;s share in the consolidation process. Unrealized losses are eliminated in the same way as unrealized gains, however only if there is no reduction to the recovery value (impairment). The reference date of the financial statements of the subsidiaries, affiliated companies</FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT></B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>and jointly-owned subsidiaries is the same as of the parent Company, and its accounting policies are in line with the policies adopted by the Company</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; 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%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Subsidiaries </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Subsidiaries are considered all entities (including special-purpose entities), whose financing and operating policies may be carried out by the Company, where usually there is a share ownership of more than a half of voting rights. The existence and the effect of potential voting rights, which are currently exercisable or convertible, are take into consideration by evaluation IF the Company controls other entity. Subsidiaries are fully consolidated as of the date when the control is transferred to the Company and are no longer consolidated as of the date when the control ends. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; 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%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Affiliated Companies</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Affiliated companies are all entities where the Company holds a significant influence, but not the control, usually jointly with a share ownership of 20% to 50% from voting rights. Investments in affiliated companies are accounted for by the equity method and initially are recognized by their cost value. Company's investment in affiliated companies includes goodwill recognized from the business acquisition, plus the investor&#146;s share at retained post-acquisition profits and other changes in net asset value, reduced by any accumulated impairment loss.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; 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%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Jointly-owned subsidiaries</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The financial statements of jointly-owned subsidiaries are included in the consolidated financial statements as of the date when the shared control starts until the date it no longer exists. </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN color=black face=Arial,sans-serif>The jointly &#150;owned subsidiaries are consolidated proportionally.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; 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%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Parent Company financial statement</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the parent </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Company</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> financial statements, the subsidiaries and </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>jointly-owned subsidiaries</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> are accounted for by the equity method. The same adjustments are made both in the parent </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Company</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> financial statements to the consolidated financial statements. Considering CSN, accounting practices adopted in Brazil applied in the parent</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> Company</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> financial statements are different from IFRS applicable to the separated financial statements, only through the investments in subsidiaries and affiliated companies by the equity method of accounting while according to IFRS it would be cost or fair value.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 25</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(c)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Foreign currencies</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; 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: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Functional and presentation currency</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Items included in the financial statements of each one of the Company&#146;s subsidiaries are measured using the currency of the main economic environment, where each subsidiary operates (&#147;functional currency&#148;). Consolidated financial statements are presented in R$, which is the Company&#146;s functional currency and, also, the Group&#146;s presentation currency.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; 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: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions and balances</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Foreign currency operations are converted into the functional currency, using foreign exchange rates effective on the transaction or evaluation dates, when items are remeasured.&nbsp; Exchange gains and losses resulting from the settlement of these transactions and the conversion by foreign exchange rates as of December 31, 2010, related to monetary assets and liability in foreign currencies, are recognized on the statement of income, except when deferred on shareholders&#146; equity as qualified cash flow hedge operations and qualified net investment hedged operations. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Balance accounts are translated by the exchange rate as of the balance sheet date, US$1 being equal to R$1.6662 as of December 31, 2010 (R$1.7412 as of December 31, 2009). EUR 1 being equal to R$ 2.2280 (R$2,5073 as of December 31, 2009) e JPY 1 being equal to R$0,0205 (R$0,0188 as of December 31, 2009).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>All other exchange gains and losses, including exchange gains and losses related to loans, cash and cash equivalents are presented on the statement of income as income or financial expense. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Changes to fair value of monetary securities in foreign currency, classified as available for sale, are split into foreign exchange variations related to the security`s amortized cost and other variations to the security&#146;s book value are registered under shareholders&#146; equity.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exchange variations from non-monetary financial assets and liabilities, for instance, investments in shares classified as measured to fair value through income statement, are recorded under income statement as part of fair value gain or loss. Exchange variations of non-monetary financial assets, for example, investments in shares classified as available for sale, are included on other comprehensive income under shareholders&#146; equity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; 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: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Group Companies</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The results and financial position of all of the Group&#146;s entities (none of them has currency from a hyperinflationary economy), whose functional currency is different from the presentation currency, are converted into the presentation currency, as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.45pt; MARGIN: 0in 0in 0pt 35.45pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Assets and liabilities from each balance sheet presented are translated by the closing rate on the balance sheet date. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.45pt; MARGIN: 0in 0in 0pt 35.45pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Revenues and expenses from each income statement are translated by average exchange rates (unless this average is not a reasonable rounding to the cumulative effect of rates in force on the operations date, and, in such case, revenues and expenses are converted by the rate on the operations dates); and&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.45pt; MARGIN: 0in 0in 0pt 35.45pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>All resulting exchange rate differences are registered as a separate component under other comprehensive income.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Under the consolidation, exchange rate differences resulting from the conversion of monetary items with characteristics</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>of the net investment in foreign operations are recorded under shareholders equity. When an </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>operation overseas is partially disposed of or sold, exchange rate differences previously registered under other comprehensive income are recorded in income statement as part of gain or loss on sale.</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 26 of 115</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
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<FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></P>
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<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(d)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cash and cash equivalents</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cash and cash equivalents include cash, bank deposits and other short-term investments of immediate liquidity, redeemable in up to 90 days from the balance sheet dates, immediately convertible into cash and with an insignificant risk of change in their market value. Deposit certificates that may be redeemed at any time without penalties are considered cash equivalents. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(e)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Trade accounts receivable</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Trade accounts receivable are recorded at the invoiced amount, including the respective taxes and ancillary expenses and credits from clients in foreign currency corrected at the exchange rate as of the date of the financial statements. The allowance for doubtful accounts was recorded in an amount considered enough to support possible losses. Management&#146;s assessment takes into account the client&#146;s history, the financial situation and the opinion of our legal advisors regarding the receipt of these credits for the recording of this provision.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(f)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Inventories</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>These are recorded at the lowest value between the cost and the net realizable value. The average weighted cost method is used in the acquisition of raw materials.</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cost of both finished and under preparation products consists of raw material, labor, other direct costs (based on the normal production capacity). Net realization value is the sale price estimated on the normal course of business, net of estimated conclusion costs and estimated costs necessary to carry on the sale.</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(g)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Investments</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Investments in subsidiaries, jointly-owned subsidiaries and associated companies are recorded and measured by the equity accounting method and recognized initially by the cost. The gains and losses are recognized in income for the period as operating income (or expenses) in the parent Company financial statements. In the case of exchange variation of investment abroad whose functional currency is different to the Company&#146;s currency, variations in the amount of investments deriving solely from the exchange variation are recorded in the equity cumulative translation adjustment account, in the Company&#146;s shareholders&#146; equity, and are only reclassified to income statement when the investment is sold or written-off by loss. Other investments are recorded and held at cost, or fair value.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>When necessary, the accounting practices of the subsidiaries and jointly-owned subsidiaries are adjusted to ensure criteria, consistency and uniformity with the practices adopted by the Company.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(h)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Property, plant and equipment</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Recorded by acquisition, formation or construction costs, net of accumulated depreciation or depletion and impairment. Depreciation is computed under the straight-line method based on the economic useful life remaining of the related assets according to note 14, and depletion of mines is calculated based on the amount of iron ore extracted, and plots of land are not depreciated as they are considered as undefined useful life. The Company records in the book value of property, plant, and equipment, the cost, replacing the part of the item which is substituting, if it is probable that future economic benefits incorporated therein will be reverted to the Company, and if the asset cost may be estimated in a reliable manner. All other expenses are registered to the expense account when incurred. Interest costs&nbsp; are capitalized until these projects are concluded. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>If some components of the assets from property, plant and equipment have different useful lives, these components are depreciated as a different item from property, plant and equipment. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 27</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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     <TD vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Gains and losses from disposal are determined by the comparison of the sale value less the residual value and are registered in &#147;other operating income/expenses&#148;.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Development costs of new iron ore fields or to expand the capacity of operating mines are capitalized and amortized by the method of units produced (extracted) based on probable and proven ore amounts. Exploration expenditures are deemed as expenses until the mining activity is made feasible; after this period, the subsequent development costs are capitalized. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(i)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Intangible assets</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Intangible assets comprise of assets acquired from third parties, including by means of business combinations, and/or those internally generated.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>These assets are recorded at the acquisition or formation cost, less amortization calculated through the straight-line method based on exploitation or recovery terms.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Intangible assets with undefined useful lives, as well as goodwill for expected future profitability, are no longer amortized. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Goodwill</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Goodwill is represented by the positive difference between paid and/or payable value for the purchase of a business and the net amount of fair value of assets and liabilities of the subsidiary acquired. The goodwill from acquisitions of subsidiaries is recorded as intangible assets in the consolidated financial statements. In the parent </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Company</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> financial statements the goodwill is recorded as investments. Negative goodwill is recorded as gain in the result for the period, on the acquisition date. Goodwill is annually tested to verify impairment losses. Gains and losses from the disposal of a Cash Generating Units (CGU) include goodwill book value relating to the CGU sold. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Goodwill is allocated to Cash Generating Units (CGUs) for the purpose of impairment test. The allocation is made for Cash Generating Units or groups of Cash Generating Units, that should benefit from the business combination of which goodwill was originated, and are not a bigger unit as compared to the operational segment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Software</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Software licenses acquired are capitalized based on incurred costs to buy software and when they are ready to be used. These costs are amortized under the straight-line method during the estimated economic useful life. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(j)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Impairment of non-financial assets </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Assets with an undefined useful life, such as goodwill, are not subject to amortization and are tested on an annual basis to verify impairment. Assets subject to amortization are reviewed to verify impairment whenever events or changes to circumstances show that book value may not be recoverable. Impairment loss is accounted for by book value of the asset exceeds its recoverable value. For purposes of impairment evaluation, assets are divided into the lowest levels to which there are identifiable positive cash inflows separately (Cash Generating Units (CGU)). Non-financial assets, except goodwill, which have been impaired, are subsequently reviewed to analyze a possible impairment reversal on the report presentation date. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(k)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Employee Benefits</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Employee benefits</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Defined contribution plans </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contribution to a separate entity (social security plan) and it will have no legal or constructive liability to pay additional values. Liabilities for contributions to defined contribution pension plans are accounted for as employee benefit expenses to the income statement in the periods where services are provided by employees. Contributions paid in advance are recorded as an asset upon the cash repayment condition or the decrease in future payments is available. Contributions to a defined contribution plan whose maturity is expected for 12 months after the final period where the employee provides the service are discounted to their present values.&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Defined benefit plans</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=#83a3e8 face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;A defined benefit plan is a post-employment benefit plan other than the defined contribution plan. The Company`s net liability as to defined benefit pension plans is individually calculated to each plan through the value estimate of the future benefit employees accounted for as return by services provided for in the current period and previous periods; that benefit is brought&nbsp; to its present value. Any costs of unregistered previous services and fair values of any plan assets are discounted. &nbsp;Discount rate is the return shown on the presentation date of the financial statements to first-tier debt securities, whose maturity dates are close to the Company&#146;s debt conditions and that are denominated in the same currency in which benefits are expected to be paid. The calculation is made on an annual basis by a qualified actuary through the project unit credit method. When calculation results in a benefit to the Company, asset to be recorded is limited to total of any unregistered previous services costs and the present value of economic benefits available as future refund of the plan or decrease in future contribution to the plan. In order to calculate present value of economic benefits, a consideration is given to any minimum costing requirements applied to any plan in the Company. An economic benefit is available to the Company if it is realizable during the plan&#146;s life, or in the settlement of the plan liabilities. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>When benefits of a plan are increased, the increased benefit portion relating to employee&#146;s previous service is registered in the income statement by the straight-line method during the average period until benefits become vested. Under the condition that benefits become immediately vested, expense is instantly recorded under income statement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The Company chose to account for all actuarial gains and losses resulting from defined benefit plans directly in other comprehensive income.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0in 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Profit sharing and &nbsp;incentive compensation</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Profit sharing of employees is subject to achieving certain operating and financial targets, mainly allocated to the production cost when applicable and to general and administrative expenses.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(l)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Provisions</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Provisions are registered when: (i) the Company has a present liability either legal or acquired resulting from past events, (ii) it is likely to have a future disbursement to settle a present liability, and (iii) when the value may be estimated with reasonable safety. Provisions are determined by discounting future cash flows expected based on a discount rate before taxes that shows a market valuation of the cash value in time and, where appropriate, specific liability risks. The liability increase due to time is recorded as financial expense. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 29</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(m)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Concessions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company has government concessions and payments are classified as operating lease.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(n)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Capital Stock </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Common shares are classified under shareholders&#146; equity.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Additional costs directly attributed to the issue of new shares or options are stated in shareholders&#146; equity as a deduction of the amount raised, net of taxes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>When any Company of the Group buys shares from the Company&#146;s capital stock (treasury shares), the value paid, including any additional costs directly chargeable (net of income tax), is decreased from the shareholders&#146; equity ascribed to the Company&#146;s shareholders until shares are cancelled or issued again. When these shares are subsequently issued again, any amount received, net of any additional costs of the transaction, directly chargeable and respective income tax and social contribution effects, it is included in the shareholders&#146; equity ascribed to the Company&#146;s shareholders.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(o)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Operating revenue</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>The revenue from the sale of goods in the normal course of operations is measured at the fair value of the consideration received or receivable The operating revenue is recognized when there is persuasive evidence that the significant risks and rewards incidental to the ownership of the goods have been transferred to the buyer; it is probable that future economic benefits will flow to the entity, that the associated costs and the possible return of goods can be measured reliably; the entity does not retain continuing involvement with the goods sold and the amount of revenue can be measured reliably. If it is probable that discounts will be granted and the amount can be reliably measured, then such discounts are recognized as a reduction of operating revenue as sales are recognized. Service revenue is recognized when services are rendered.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>The transfer of risks and rewards is determined by the individual terms of the contract of sale. For export sales, the transfer of risks and rewards of ownership depend on the terms of delivery set out in the incoterms governing the contract.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(p)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial income/expenses</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=blue face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Financial income includes interest income on funds invested funds (including financial assets available for sale), dividend income (except for dividends received from investees stated under the equity method in the parent Company), gains on sale of financial assets available for sale, </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>gains and losses arising from the change </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>in the fair value of financial assets measured at fair value through profit or loss, and gains on hedging derivatives that are recognized in income. Interest income is recognized in income (loss) using the effective interest method. Dividend income is recognized in income when the Company&#146;s right to receive the dividend is established. The dividend distributions received from investees recorded under the equity method reduce the investment amount. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Financial expenses include borrowing costs, net of the discount to present value of provisions, dividends on preferred shares classified as liabilities, losses in the fair value of financial instruments measured at the fair value through profit or loss, impairment losses recognized in the financial assets, and losses on hedging instruments that are recognized in income. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are measured in income using the effective interest method. </FONT></P>
<P style="MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Exchange gains and losses are reported on a net basis.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
<B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(q)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution</FONT></B></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 1.45pt 0pt 0in"><FONT style="LINE-HEIGHT: 115%; FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>Income tax is calculated at the rate of 15%, plus a surtax of 10% on taxable income exceeding R$240, whereas social contribution is calculated at the rate of 9% on taxable income. Tax losses can offset against future taxable income, limited to 30% of taxable income for the year.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><BR>
</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Income tax and social contribution expense comprises current and deferred tax.&nbsp; Current and deferred taxes are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted, at the reporting date, and any adjustment to tax payable in respect of previous years.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Deferred taxation is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts.&nbsp; Deferred taxation is not accounted for on the following temporary differences: the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss, and differences related to investments in subsidiaries and controlled entities when it is probable that they will not be reversed in the foreseeable future. In addition, deferred tax liability is not recognized for taxable temporary differences resulting in the initial recognition of goodwill. Deferred taxation is calculated using the rates that are expected to apply to the temporary differences when they are reversed, based on the laws that were enacted or substantively enacted until the financial statement reporting date.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Deferred tax assets and liabilities may be netted if there is a legal right to offset the current tax asset and liability amounts and they relate to the same taxing authority. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>A deferred income tax and social contribution asset is recognized by unused tax losses, tax credits and deductible temporary differences when it is probable that future income subject to taxation will be available and against which they will be used.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Deferred income tax and social contribution assets are reviewed at each reporting date and will be reduced as their realization is no longer probable. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(r)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Earnings per share </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Earnings per share is calculated through the net income for the year attributable to the Company&#146;s controlling interests and the weighted average of the common shares outstanding in the respective period. Diluted earnings per share is calculated through the said average of the outstanding shares, adjusted by instruments potentially convertible into shares, with a diluting effect, in the reporting periods. The Company does not have instruments potentially convertible into shares and, consequently, diluted earnings per share are equal to basic earnings per share.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(s)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Environmental costs and restoration of areas </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>The Company recognizes a provision for recovery costs and fines when a loss is probable and the amounts of related costs can be reliably determined. Usually, a provision in the amount to be used in the recovery in the amount is recorded until the feasibility study is completed or the commitment to a formal action plan is fulfilled.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>Expenses related to compliance with environmental regulations are charged to income (loss) or capitalized, as appropriate. The capitalization is considered as appropriate when the expenses refer to items that will continue to benefit the Company and that are basically pertinent to the acquisition and installation of equipment to control pollution and/or prevention. </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 31</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(t)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Research and development </FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>All these costs are recognized in the statement of income when incurred, except when meet the criteria for capitalization. Expenses on the research and development of new products for the year ended December 31, 2010 was R$4,314 (R$2,515 in 2009). </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(u)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial instruments </FONT></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Classification </FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets are classified in the following categories: measured at fair value through profit and loss, loans and receivables, held to maturity and available for sale. The classification depends on the purpose for which the financial assets were acquired. The Company&#146;s Management sets forth the classification of its financial assets at the initial recognition.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets measured at fair value through profit and loss</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets measured at fair value through profit and loss are financial assets held for active and frequent trading. Derivatives are also categorized as held for trading and, therefore, are classified in this category, unless they have been recorded as protection hedge and cash-flow hedge instruments. Assets in this category are classified as current. </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Loans and receivables</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This category includes loans granted and receivables that are non-derivative financial assets with fixed payment or to be established, not priced at an active market. They are included as current assets, except those with a maturity term greater than 12 months after the balance sheet date (these are classified as noncurrent assets). Loans and receivables comprise loans to associated companies, trade accounts receivable, other accounts receivable and cash and cash equivalents, excluding short-term investments. Cash and cash equivalents are measured at fair value. Loans and receivables are accounted for at the amortized cost, using the effective interest rate method.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets held to maturity</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>They are basically financial assets acquired with the financial purpose and ability to be held in portfolio until maturity.</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Investments held to maturity are initially recognized at fair value plus any directly attributable transaction costs. After initial recognition, are measured at amortized cost using the effective interest method, decreased by any loss on the impairment.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets available for sale</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>These are non-derivative financial assets,</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>designated as available for sale, that are not classified in any other category. They are included in noncurrent assets when they are the Company&#146;s strategic investments, unless Management intends to dispose of the investment within 12 months after the balance sheet date. Financial assets available for sale are recorded at fair value.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Recognition and Measurement</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=justify><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Regular way purchases and sales of financial assets are recognized on the trade date, i.e., on the date Company undertakes to buy or sell the asset. The investments are initially recognized at fair value, plus transaction costs for all the financial assets not classified at the fair value through profit or loss. Financial assets at fair value through profit or loss are initially recognized at their fair value and transaction costs are expensed in the income statement. Financial assets are written off when the rights to receive cash flow from the investments expire or are </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>transferred; in the latter case, provided that the Company has transferred significantly all the risks and rewards of the ownership. Financial assets available for sale and the financial assets measured at fair value through profit or loss are subsequently recognized at fair value. Loans and receivables are accounted for at amortized cost, using the effective interest rate method. Gains or losses arising from changes in the fair value of financial assets measured at fair value through profit (loss) are presented in the income statement in financial income in the period when they occur. </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 32</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 0pt 0in 0pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Revenue from dividends of financial assets measured at fair value through profit or loss is recognized in the income statement as part of other financial income, when the Company&#146;s right to receive the dividends is established.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The changes in the fair value of financial assets denominated in foreign current and classified as available for sale, are divided between the conversion differences resulting from the changes in the amortized cost of the financial assets and other changes in the financial assets&#146; carrying amount. The exchange rate changes in financial assets are recognized in income (expenses). The exchange rate changes in non-financial assets are recognized in income (expenses). The changes in the fair value of financial and non-financial assets, classified as available for sale are recognized in other comprehensive income.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Interest on available-for-sale securities, calculated under the effective interest rate method, is recognized in the income statement as other income. Dividends of shareholders&#146; equity&#146;s instruments available for sale, such as shares, are recognized in the income statement as part of other financial income, when the Company&#146;s right to receive payments is established.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The fair value of publicly quoted investments is based on current purchase prices. If the market of a financial asset (and bonds not listed on the stock exchange) is not active, the Company establishes fair value through valuation techniques. These methods include the use of transactions recently contracted with third parties, reference other instruments that are substantially similar and an analysis of discounted cash flows and option pricing models that optimize the use of market generated information and minimize the use of information provided by the Company's management.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company measures at the balance sheet date if there is objective evidence that a financial asset or a group of financial assets is impaired. In the case of available-for-sale bonds, a significant or long decrease in the fair value to below its cost value is an indicator that it is impaired. If there is any evidence of impairment of available-for-sale financial assets, the cumulative loss measured as the difference between cost of purchase and the current fair value, less any impairment loss for the financial asset previously recorded in income, is transferred from shareholders' equity and recognized in the income statement. Impairment losses recognized in equity&#146;s instruments are not reversed through the income statement </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Offsetting financial instruments</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>A financial asset and a financial liability is offset and the net amount presented in the balance sheet when an entity has a legally enforceable right to set off the recognized amounts and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of financial assets</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif>Assets measured at the amortized cost</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif>The Company evaluates at the end of each reporting period if there is objective evidence that the financial asset or group of financial assets is impaired. An asset or a group of financial assets is impaired and the impairment losses are incurred only if there is objective evidence of impairment as the result of one or more events occurred after the initial recognition of the assets (a &#147;loss event&#148;) and that loss event (or events) has an impact on estimated future cash flows of the financial asset or group of financial assets that can be measured reliably.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 33</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif>The criteria CSN uses to determine if there is objective evidence of impairment loss include:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif>relevant financial difficulty of the issuer or debtor;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif>A contract breach, such as default or arrears in interest or principal payments; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif>the issuer, for economic or legal reasons related to the financial difficulty of the borrower, guarantees the borrower a concession that the creditor would not consider;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif>it is likely that the borrower will undergo bankruptcy or another financial reorganization;</FONT></P>
<P style="MARGIN: 0in 0in 0in 35.4pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif>the disappearance of an active market for that financial asset due to financial difficulties; or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif>observable data indicating that there is a measurable reduction in estimated future cash flows from a portfolio of financial assets, since the initial recognition of these assets, although the reduction still cannot be identified with the individual financial assets in the portfolio, including</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif>- Adverse change in the payment situation of the borrowers in the portfolio;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif>- National or local economic conditions that relate to the default on the portfolio&#146;s assets.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif>The amount of loss is measured as the difference between the carrying amount of the assets and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial assets&#146; original effective interest. The carrying amount of the asset is written down and the amount of loss is recognized in the income statement. If a loan or investment held to maturity has a variable interest rate, the discount rate to measure an impairment loss is the current effective interest rate determined pursuant to the agreement. The Company may measure impairment based on the fair value of an instrument using an observable market price.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif>If, in a subsequent period, the impairment loss is reduced and the reduction can be objectively related to an event that occurred after the impairment was recognized (an improvement in the debtor&#146;s credit classification), the reversal of the impairment will be recognized in the consolidated income statement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif>Assets classified as available for sale </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=Arial,sans-serif>At the end of each reporting period, CSN assesses whether there is objective evidence of a deteriorated financial asset or group of financial assets. For debt notes, CSN utilizes the criteria mentioned in (a) above. In the case of equity instruments (shares) classified as available for sale, a material or extended drop in the fair value of the asset below its cost is also evidence that assets are deteriorated. Should any such evidence exist for financial assets available for sale, the accumulated loss - measured as the difference between the acquisition cost and its current fair value, less any impairment over the financial asset previously recorded as loss, will be reclassified from equity and recognized in the consolidated income statement. If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases, and such increase can be objectively related to an event occurred after the impairment was recognized as loss, the impairment loss is reverted through the consolidated income statement.</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 34</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt 0in; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
<B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iii)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Derivative instruments and hedge activities</FONT></B></DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Foreign exchange gain of long term investment nature</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Any gain or loss of the&nbsp; instrument related to the effective hedge portion is recognized in capital stock. The gain or loss related to the non-effective portion is immediately recognized in the statement of income under &#147;Other net gains (losses)&#148;.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Gains and losses accumulated in equity are included in the statement of income when foreign operation is partially disposed of or sold. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Derivatives measured at fair value through profit and loss</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Our derivative instruments do not qualify for hedge accounting. Changes in fair value of any of these derivative instruments are immediately recognized in the statement of income under &#147;Other net gains (losses)&#148;. </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Although the Company uses derivatives for hedging purposes, it does not apply hedge accounting.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0in 0in 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(v)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Information by segment</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=Arial,sans-serif>An operational segment is a Group component committed to the business activities, from which it can obtain revenues and incur in expenses, including revenues and expenses related to transactions with any other Group component. All operating income from operational segments are regularly reviewed by CSN&#146;s Executive Board for decision-making about funds to be allocated to the segment and performance evaluation, to which there is distinctive financial information available (see Note 28).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(w)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Government grants</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=Arial,sans-serif>Government grants are not recognized until there is reasonable safety that the Company will comply with related conditions and that grants will be received and then systematically recognized in income during the periods in which the Company recognizes as expense corresponding costs that grants intend to offset.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 25.5pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has state tax incentives in the North and Northeast regions, which are recognized in income as corresponding costs and expenses reduction. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(x)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>New rules and interpretations not yet adopted</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Several IFRS rules, amendments to rules and interpretations issued by IASB have not yet come into force for the year ended on December 31, 2010, which are:</FONT></P>
<P style="MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17pt; MARGIN: 0in 1.45pt 0pt 17.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Limited exemption from Comparative IFRS 7 Disclosures for First-time Adopters. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17pt; MARGIN: 0in 1.45pt 0pt 17.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Improvements to IFRS 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17pt; MARGIN: 0in 1.45pt 0pt 17.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>IFRS 9 Financial Instruments</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17pt; MARGIN: 0in 1.45pt 0pt 17.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Prepayment of a minimum fund requirement (Amendment to IFRIC 14)</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17pt; MARGIN: 0in 1.45pt 0pt 17.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Amendments to IAS 32 Classification of rights issues</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 17pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>CPC has not issued yet pronouncements corresponding to the aforementioned IFRS, but we expect that CPC will issue them before the date required for their effectiveness. The early adoption of IFRS pronouncements is subject to previous approval in a ruling act of the Brazilian Securities and Exchange Commission. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The Company did not estimate the effect of these new standards on its financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>RESTATEMENT of 2008 and 2009 FINANCIAL STATEMENTS </FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 35</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B></DIV></DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17pt; MARGIN: 0in 1.45pt 0pt 17.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Health Plan - </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>post-retirement employees</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Until to December 31, 2009, costs with health care plan for former employees until 1997 sponsored by the Company were accounted for on a monthly basis when incurred, without the recording of the constructive liability resulting from future payments likely to be made.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As a result of the IFRS adoption and the detailed review of policies and agreements related to any post-retirement payment to employees, it has been noticed the need for registration of the constructive obligation and, therefore, the Company decided to make retroactive adjustments in the financial statements to years 2008 and 2009, issued in accordance with the accounting practices adopted in Brazil.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The balances of accounts affected by the restatement as of January 1, 2009 are stated as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="41%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD width="41%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=5 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B></TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=5 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD width="41%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Published</FONT></B></TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjustments</FONT></B></TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted</FONT></B></TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Published</FONT></B></TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjustments</FONT></B></TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="41%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="41%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes</FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,230,147</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90,762</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,320,909</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,493,058</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90,762</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,583,820</FONT></TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #f2f2f2" width="100%" colSpan=12>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="41%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B></TD>
     <TD width="9%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="9%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="9%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="9%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="9%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="9%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="41%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for pension fund - Post-employment benefits</FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,568</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>266,947</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>384,515</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,568</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>266,947</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>384,515</FONT></TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=12>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="41%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity</FONT></B></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,662,589</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(176,185)</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,486,404</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,662,589</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(176,185)</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,486,404</FONT></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The balances of accounts affected by the restatement as of December 31, 2009 are stated as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="41%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD width="41%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=5 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B></TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=5 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD width="41%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Published</FONT></B></TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjustments</FONT></B></TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted</FONT></B></TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Published</FONT></B></TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjustments</FONT></B></TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="41%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="41%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes</FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>899,544</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>97,046</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>996,590</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,861,571</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>97,046</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,958,617</FONT></TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #f2f2f2" width="100%" colSpan=12>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="41%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B></TD>
     <TD width="9%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="9%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="9%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="9%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="9%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="9%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="41%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for pension fund - Post-employment benefits</FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,946</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>285,430</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>355,376</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,946</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>285,430</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>355,376</FONT></TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=12>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="41%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity</FONT></B></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,510,433</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(188,384)</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,322,049</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,510,433</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(188,384)</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,322,049</FONT></TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=12>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="41%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Result</FONT></B></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="41%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other operating expenses</FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(588,186)</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,025)</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(600,211)</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(698,360)</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,025)</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(710,385)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="41%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes</FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94,906</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,330</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,236</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(109,323)</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,330</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(103,993)</FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="41%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net income for the year</FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,568,577</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,695)</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,561,882</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,594,912</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,695)</FONT></TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,588,217</FONT></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="41%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Basic earnings per share (R$)</FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.52350</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.51431</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.55962</FONT></TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="9%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="9%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.55044</FONT></TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Additionally, the statements of other comprehensive income, changes in shareholders&#146; equity, cash flows, and added value, as well as Note 30 (Employee benefits), Note 10 (Deferred Income Tax and Social Contribution), Note 4.4 (Shareholders&#146; Equity) were adjusted to show accounting balances and disclosures after the corrections mentioned in the paragraph and tables above.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TRANSITION TO IFRS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.1. First-time adoption of IFRS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">As informed in Note 2(a), the consolidated financial statements for the year ended December 31, 2010 are the first annual consolidated financial statements in accordance with IFRS. The Company adopted CPCs 43(R) and 37R1 (equal to IFRS&nbsp;1) while preparing these consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Parent Company&#146;s financial statements for the year ended December 31, 2010 are the first annual individual statements in accordance with the CPCs. The Company adopted CPCs 37 R1 and 43(R) while preparing these individual financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 36</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">The transition date is January 1, 2009. Management prepared the opening balance sheets according to the CPCs and IFRS on this date, in line with the accounting policies mentioned in Note 2.</FONT></P>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif">While preparing these financial statements, the Company adopted the relevant mandatory exceptions and certain optional exemptions related to the complete retrospective adoption.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>While preparing its opening IFRS balance sheet, the Company adjusted the amounts earlier presented in the financial statements, prepared according to BRGAAP, which serve as the basis for the previous accounting (previous accounting practices) involved in the financial statements. (Note 3)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.2. Exemptions from a few other IFRS requirements</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company chose to adopt the following exemptions relating to the retrospective adoption of other IFRS, according CPC 37 (equal to IFRS 1):</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(a)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exemption of employee benefits &#150; Defined benefits plan</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company chose to recognize all the past actuarial gains and losses till the transition date against accrued earnings. The adoption of this exemption is detailed in Note 30.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(b)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exemption of business combination according to IFRS 3 </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company adopted the exemption relating to business combinations described in CPC 37 R1(equal to IFRS 1) and decided not to remeasure and restate the business combinations that ocurred before January 1, 2009, the transition date. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(c)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exemption of fair value as the deemed cost of fixed assets:</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company chose not to measure its fixed and intangible assets at fair value on the transition date, carrying them at the historical acquisition cost, with monetary restatement according to the inflation indexes till December 31, 1997, in accordance with IAS 21 and IAS 29. The adoption of this exemption is detailed in Note 14.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=X-NONE face=Arial,sans-serif>4.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Explanation of the transition to IFRS</FONT></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(a)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Business combination</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Goodwill is the surplus of acquisition cost in relation to the Company&#146;s share of the net fair value of identifiable assets, liabilities and contingent liabilities of the Company acquired. If there is a negative goodwill identified by the acquirer&#146;s share in the fair value of the assets, liabilities and contingent liabilities acquired in relation to the cost of acquisition, it should recognize it immediately in the income statement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As mentioned earlier, the Company chose not to remeasure the business acquisitions that took place before January 1, 2009, according to the exemption of business combinations, in accordance to CPC 37 (equal to IFRS 1 ). Acquisitions after January 1, 2009 were booked in accordance with IFRS 3 (Business Combinations).</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(b)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Deferred Assets </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>With regard to the pre-operating expenses booked before the transition date, the Company chose to recognize the net balance in retained earnings on the transition date.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Until December 31, 2008, the Company adopted as an accounting practice, the capitalization of pre-operating expenses in deferred assets. Pre-operating expenses that were not attributed to the cost of fixed assets or the formation of intangible assets were immediately recognized as expense. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Part of the expenses recognized earlier as deferred assets related to pre-operating expenses attributable to the cost of certain goods was allocated to fixed assets.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(c)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Deferred Taxes&nbsp; </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Deferred income tax is recognized by the future estimated effect of the temporary differences and the tax losses, as well as the negative social contribution base. A deferred income tax liability is recognized for all the temporary tax differences, whereas the deferred income tax asset is recognized only to the extent it is probable that a taxable income is available against which the deductible temporary difference can be used. The deferred tax assets and liabilities are classified as long term. The current tax assets and liabilities are offset if the Company is legally entitled to do so and if they are related to the taxes assessed by the same tax authority. If the criterion for offsetting the current tax assets and liabilities is met, the deferred tax assets and liabilities will also be offset. The income tax relating to items recognized directly under shareholders&#146; equity in the current period or previous period is recognized directly in the same account.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(d)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Property, plant and equipment</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.6pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>i.</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cost</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Option to adopt historical cost</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has not opted to utilize the deemed cost to the valuation of its fixed assets because under the accounting procedures in effect in 2009 (BR GAAP) its fixed assets already materially met the requirements for recognition, valuation, and presentation set forth in CPC 27 (IAS 16), primarily because: (i) internal controls relevant to fixed assets at the time of the transition (1/1/2009) already included periodic review of the best estimates regarding the useful life and the residual value of said assets; (ii) the procedures used to establish the value of fixed assets in accordance with the prior accounting standards were reviewed and confirmed to be in adherence with CPC 27 (IAS 16), including, but not limited to, their consideration of the non capitalization of exchange rate variation and non-indexing in periods in which the country was undergoing hyperinflationary periods, etc., and (iii) the segmentation and classification of the main fixed asset items subject to depreciation already took into consideration the effects of differentiated depreciation on the primary fixed assets components. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Moreover, the Company understands that the accounting practice of valuing fixed assets in accordance with their historical price calculated on the basis of the best estimate of depreciation and the provision for the loss of recoverable value, when required, is a procedure that best represents its fixed assets. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Hyperinflation in 1996 and 1997</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Under the former BR GAAP and in accordance with IAS 29, hyperinflationary accounting procedures were applicable in Brazil during the country&#146;s domestic hyperinflationary period through 1995. However, according to IFRS guidelines, the Brazilian economy remained in a hyperinflationary state in 1996 and 1997 as well. The effect of recognizing those two additional periods was reflected in the transitional adjustments. </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0in 0in 0pt 17.85pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Borrowing costs</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Fixed assets items are booked at cost, including the capitalized interest incurred during periods of new facilities construction. Exchange variations on loans denominated in foreign currency are capitalized to property, plant and equipment, when they reflect adjustments in interest rates.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.6pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Depreciation</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The basis for calculation is the cost of the asset minus the estimated residual sales value. There is no specific recommended method for calculating depreciation, but the method selected must be applied consistently to all significant components of the assets and the depreciation should be distributed evenly among each of the accounting periods, that best represents the realization of economic benefits over the useful life of the assets. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The estimated useful life of the fixed assets was reviewed, and the adjustments to the depreciation of the assets booked under fixed assets were made on a prospective basis beginning January 1, 2010. For more details, see Note 14.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(e)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Earnings per share</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The basic and diluted earnings per share (LPA) figures must be disclosed by entities listed on a stock exchange that issue or that may issue shares. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Basic LPA is figured by dividing the profit or loss attributable to the controlling entity during the period in question by the weighted average of its outstanding shares.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Diluted LPA is calculated by adjusting the numerator used in the basic LPA calculation and the average number of outstanding shares (the denominator) for the effects of all possible dilutive influences on the outstanding shares in the period included. Since CSN does not have any instrument potentially convertible into shares with dilutive effect in the stated periods, its diluted LPA is equal to its basic LPA.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Information for basic and diluted LPA from the current period and from previous periods are adjusted for to reflect those transactions that do not involve conversion actions with the potential to alter the number of shares without a corresponding change in net equity (for example, bonuses, or stock consolidations or splits). Basic and diluted LPA are also adjusted to reflect bonus issues, stock splits or reverse stock splits that occur after balance sheet dates but before the issuances of financial statements are authorized. The number of shares is adjusted as if the event had taken place at the beginning of the first period presented.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(f)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Dividends and interest on shareholders&#146; equity</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=windowtext face=Arial,sans-serif>The dividends proposed or declared after the balance sheet date but before the authorized issuance of the financial statements should not be booked as liabilities, unless they meet that definition as of the balance sheet date. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(g)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Reclassifications</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Under IFRS rules, the following reclassifications affecting consolidated financial statements are also prepared:</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i. Balance sheet reclassifications:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Judicial deposits are presented as a non-current asset item rather than net of provisions for contingencies;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Taxes credits or obligations are presented on a net basis;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Deferred taxes are reclassified as non-current;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Deferred tax assets and liabilities will be compensated when the entity possesses the executable legal right to do so and if they are related to taxes levied by the same taxing authority.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii. Income statement Reclassifications:</FONT></P>
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<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial income is presented after figuring operating income on the net financial income (loss);</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of the consolidated financial statements adjusted to IFRS and disclosed</FONT></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Balance Sheet on January 1, 2009</FONT></B></P>
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     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="54%" colSpan=9 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left>&nbsp; </TD>
     <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>BRGAAP</FONT></B>&nbsp;</TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>BRGAAP</FONT></B>&nbsp;</TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="21%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>IFRS</FONT></B></TD>
     <TD vAlign=center width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Published</FONT></B>&nbsp;</TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Restated</FONT></B>&nbsp;</TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Reclassifications</FONT></B>&nbsp;</TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjustments</FONT></B>&nbsp;</TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>IFRS</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ASSETS</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,352,070</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,352,070</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(432,746)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,181</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,944,505</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,151,409</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,151,409</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,151,409</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade accounts receivable</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,086,557</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,086,557</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,086,557</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventory</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,622,775</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,622,775</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,526)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,621,249</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income and social contribution taxes to offset</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>128,055</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>128,055</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>128,055</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>739,227</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>739,227</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(739,227)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends proposed receivable</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,890</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,890</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,707</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,597</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guaranteed margin of financial instruments</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,570,050</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,570,050</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,570,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,011,107</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,011,107</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>306,481</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,317,588</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,145,369</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,236,131</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,113,702</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(41,942)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,307,891</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-term assets</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,490,802</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,581,564</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,113,702</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,483</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,707,749</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>753,831</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>844,593</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>739,227</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,085</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,596,905</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes recoverable</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>302,831</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>302,831</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>302,831</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Judicial deposits</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>740,341</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>740,341</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,366,910</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,107,251</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>376,374</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>376,374</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(602)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>375,772</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepaid expenses</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,011</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,011</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,011</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>192,414</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>192,414</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,565</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>199,979</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,512</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,512</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,512</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,083,777</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,083,777</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>21,708</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(33,651)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,071,834</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Intangible assets</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>526,796</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>526,796</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>526,796</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Deferred</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>42,482</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>42,482</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(21,708)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(20,774)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL ASSETS</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31,497,439</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31,588,201</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,680,956</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(16,761)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33,252,396</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD bgColor=#f2f2f2 width="100%" colSpan=10>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LIABILITIES</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,633,228</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,633,228</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>320,243</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(459,108)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,494,363</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Suppliers</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,939,205</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,939,205</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,939,205</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loans and financing</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,916,759</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,916,759</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>340,868</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,257,627</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Debentures</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,428</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,428</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,428</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Social and labor liabilities</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,994</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,994</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,994</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax liabilities</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>333,811</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>333,811</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>333,811</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax paid in installments</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>249,930</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>249,930</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>249,930</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for pension fund</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,818</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,818</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(54,818)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends payable</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,790,642</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,790,642</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(459,108)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,331,534</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax, social security, labor and civil provisions</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91,710</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91,710</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,434</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>161,144</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial instruments - equity swap</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,596,394</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,596,394</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,596,394</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>497,537</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>497,537</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(35,241)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>462,296</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,201,622</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,468,569</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,360,713</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(18,000)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>16,811,282</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loans and financing</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,040,773</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,040,773</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,565</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,048,338</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Debentures</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>632,760</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>632,760</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>632,760</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax, social security, labor and civil provisions</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,450,126</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,450,126</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,297,475</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,747,601</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for environmental liability</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>71,425</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>71,425</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,224</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85,649</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>855</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,326</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,181</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes paid in installments</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>795,052</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>795,052</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>795,052</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Obligations with related parties</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,878,200</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,878,200</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,878,200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for pension fund</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>62,750</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>329,697</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,818</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(20,375)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>364,140</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>270,536</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>270,536</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,224)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,049</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>257,361</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,662,589</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,486,404</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>460,347</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,946,751</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capital stock</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capital reserve</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Profit reserve</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,682,865</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,682,865</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85,891</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>485,816</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,254,572</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" width="46%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additional proposed dividends</FONT>&nbsp;</TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>485,816</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>485,816</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 width="46%"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,682,865</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,682,865</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85,891</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,197,049</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Retained earnings</FONT>&nbsp;</TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(176,185)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,212,855</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(24,866)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,011,804</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity valuation adjustments</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,298,747</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,298,747</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,298,746)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(603)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(602)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL LIABILITIES + SHAREHOLDERS' EQUITY</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31,497,439</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31,588,201</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,680,956</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(16,761)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33,252,396</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;Reconciliation of shareholders&#146; equity BRGAAP x IFRS on January 1, 2009 </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="68%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Note</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="68%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity in BRGAAP</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="2%" align=left></TD>
     <TD bgColor=#eaeaea width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,486,404</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>IFRS adjustments:</FONT>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp; </TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred assets</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 b</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(44,113)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capitalized exchange variation</FONT>&nbsp;</TD>
     <TD width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 d</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(194,368)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Monetary correction of hyperinflationary period</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 d</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>180,635</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 d</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>637</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additional dividends (minimum mandatory)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 f</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>485,816</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan - Private pension</FONT>&nbsp;</TD>
     <TD width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.2 a</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,035</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan - Health plan</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.2 a</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,661)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social security taxes without IFRS adjustments</FONT>&nbsp;</TD>
     <TD width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 c</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,759</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other adjustments - net</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="2%" align=left></TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(393)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity in IFRS</FONT></B>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp; </TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,946,751</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="Z-INDEX: 1; POSITION: absolute; MARGIN-TOP: 0px; WIDTH: 558px; HEIGHT: 205px; MARGIN-LEFT: 0px"></FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iii.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Balance Sheet on December 31, 2009</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="46%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="54%" colSpan=9 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left>&nbsp; </TD>
     <TD vAlign=center width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>BRGAAP</FONT></B>&nbsp;</TD>
     <TD vAlign=center width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD vAlign=center width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>BRGAAP</FONT></B>&nbsp;</TD>
     <TD vAlign=center width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="21%" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>IFRS</FONT></B></TD>
     <TD vAlign=center width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>IFRS</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Published</FONT></B>&nbsp;</TD>
     <TD vAlign=center width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Restated</FONT></B>&nbsp;</TD>
     <TD vAlign=center width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Reclassifications</FONT></B>&nbsp;</TD>
     <TD vAlign=center width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjustments</FONT></B>&nbsp;</TD>
     <TD vAlign=center width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ASSETS</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,568,594</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,568,594</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(749,273)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>16,152</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,835,473</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,970,791</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,970,791</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" 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: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade accounts receivable</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,186,315</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,186,315</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" 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: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inventory</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,588,946</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,588,946</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(35)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,462</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,605,373</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income and social contribution taxes to offset</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>398,172</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>398,172</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>398,172</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>749,272</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>749,272</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(749,272)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>675,098</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>675,098</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(310)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>674,822</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,598,630</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,695,676</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,241,576</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(47,222)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,890,030</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-term assets</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,640,162</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,737,208</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,241,573</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,559)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,977,222</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,112,299</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,209,345</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>749,272</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,559)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,957,058</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes recoverable</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>236,852</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>236,852</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>236,852</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Judicial deposits</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,214,670</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,214,670</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,492,301</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,706,971</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounts receivable</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>212,486</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>212,486</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>212,486</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Credits with subsidiaries</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>479,120</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>479,120</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>479,120</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepaid expenses</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105,921</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105,921</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105,921</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>278,814</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>278,814</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>278,814</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investment</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>321,889</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>321,889</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>321,902</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,145,530</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,145,530</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,846</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(30,029)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,133,347</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Intangible assets</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>457,580</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>457,580</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(21)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>457,559</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Deferred</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33,469</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>33,469</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(17,843)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(15,626)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL ASSETS</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29,167,224</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29,264,270</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,492,303</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(31,070)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>30,725,503</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=10>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>LIABILITIES</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,128,196</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,128,196</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>48,897</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,179,027)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,998,066</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Suppliers</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>504,223</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>504,223</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>504,223</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loans and financing</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,160,407</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,160,407</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(77,146)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,083,261</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Debentures</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,659</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,659</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,659</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Obligations with related parties</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,062</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,062</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,062</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Social and labor liabilities</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>134,190</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>134,190</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>134,190</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax liabilities</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>336,804</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>336,804</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>336,804</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes paid in installments</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>582,190</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>582,190</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>582,190</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for pension fund</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57,158</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57,158</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(57,158)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends payable</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,562,085</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,562,085</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,179,006)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>383,079</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax, social security, labor and civil provisions</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>83,462</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>83,462</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>106,055</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>189,517</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>596,956</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>596,956</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77,146</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>674,081</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,445,535</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,730,965</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,443,406</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(36,444)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20,137,927</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loans and financing</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,547,840</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,547,840</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,729)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,529,111</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Debentures</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>624,570</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>624,570</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>624,570</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax, social security, labor and civil provisions</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,452,422</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,452,422</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,386,248</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,838,670</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for environmental liability</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,544</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,544</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,524</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>132,068</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,325</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,325</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,715</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,040</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes paid in installments</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>437,231</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>437,231</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>437,231</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Obligations with related parties</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,980,772</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,980,772</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,980,772</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for pension fund</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,788</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>298,218</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57,158</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(38,231)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>317,145</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>245,043</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>245,043</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,205</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>72</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>248,320</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity attributed to controlling shareholders</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,510,433</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,322,049</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,184,401</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,506,450</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capital stock</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,680,947</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capital reserve</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Profit reserve</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,211,770</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,211,770</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,200</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,178,635</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,444,605</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 3px" width="46%" align=left>
<P style="MARGIN-LEFT: 15px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additional proposed dividends</FONT>&nbsp;</P>
</TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,178,635</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,178,635</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="46%" align=left>
<P style="MARGIN-LEFT: 15px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</P>
</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,211,770</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,211,770</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,200</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,265,970</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Retained earnings</FONT>&nbsp;</TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(188,384)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150,604</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,363</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,417)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#f2f2f2 width="46%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity valuation adjustment</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(382,314)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(382,314)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(204,804)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,403</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(585,715)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-controlling interest</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>83,060</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>83,060</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>83,060</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,593,493</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,405,109</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,184,401</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,589,510</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=10>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="46%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL LIABILITIES + SHAREHOLDERS' EQUITY</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29,167,224</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>29,264,270</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,492,303</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(31,070)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>30,725,503</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iv.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Reconciliation of shareholders&#146; equity BRGAAP x IFRS on December 31, 2009 </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="68%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Note</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="68%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity in BRGAAP</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="2%" align=left></TD>
     <TD bgColor=#eaeaea width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,405,109</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>IFRS adjustments:</FONT>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp; </TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred assets</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 b</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(37,163)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capitalized exchange variation</FONT>&nbsp;</TD>
     <TD width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 d</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(173,145)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Monetary correction of hyperinflationary period</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 d</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>164,323</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 d</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>637</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additional dividends (minimum mandatory)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 f</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,178,635</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan - Private pension</FONT>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp; </TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,947</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan - Health plan</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="2%" align=left></TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(31,714)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes without IFRS adjustments</FONT>&nbsp;</TD>
     <TD width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 c</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,277)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other adjustments - net</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="2%" align=left></TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,158</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity in IFRS</FONT></B>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp; </TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,589,510</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>v.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Statement of income for the year ended on December 31, 2009 </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="43%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2009</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=8>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left>&nbsp; </TD>
     <TD style="BORDER-TOP: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>BRGAAP</FONT></B>&nbsp;</TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>BRGAAP As</FONT></B>&nbsp;</TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>IFRS</FONT></B>&nbsp;</TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" vAlign=center rowSpan=2 width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>IFRS</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Published</FONT></B>&nbsp;</TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Restated</FONT></B>&nbsp;</TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>adjustments</FONT></B>&nbsp;</TD>
     <TD width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net sales and/or services revenue</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,978,364</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,978,364</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,978,364</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cost of goods and/or services sold</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(7,045,504)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(7,045,504)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>23,385</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(7,022,119)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation, depletion and amortization</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(751,266)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(751,266)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,102</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(747,164)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,294,238)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(6,294,238)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,283</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,274,955)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>GROSS INCOME</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,932,860</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,932,860</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>23,385</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,956,245</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operating expenses/income</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(400,455)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(412,480)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,467</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(395,013)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#f2f2f2 width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sales</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(635,784)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(635,784)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(635,784)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 16px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation and amortization</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,250)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,250)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,250)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 16px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(629,534)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(629,534)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(629,534)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>General and administrative</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(483,067)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(483,067)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,995</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(480,072)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 16px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation and amortization</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,733)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,733)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,995</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(26,738)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 16px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(453,334)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(453,334)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(453,334)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#f2f2f2 width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other operating income</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,416,756</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,416,756</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(21)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,416,735</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other operating expenses</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(698,360)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(710,385)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14,480</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(695,905)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#f2f2f2 width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Equity pick-up</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EARNINGS BEFORE FINANCIAL RESULT AND TAXES</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,532,405</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,520,380</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>40,852</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,561,232</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#f2f2f2 width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(246,435)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(246,435)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(246,435)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 16px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial income</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>586,025</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>586,025</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>586,025</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 16px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial expenses</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(832,460)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(832,460)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(832,460)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Monetary and exchange variation - net</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,060,055</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,060,055</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,060,055</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 20px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial expenses</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,892,515)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,892,515)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,892,515)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>INCOME BEFORE TAXES/INTEREST</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,285,970</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,273,945</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>40,852</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,314,797</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current income and social contribution taxes</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(581,735)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(581,735)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(581,735)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(109,323)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(103,993)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(13,888)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(117,881)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income tax</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(83,497)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(79,578)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,211)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(89,789)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred social contribution</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,826)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(24,415)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,677)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(28,092)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>NET INCOME FOR THE YEAR</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,594,912</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,588,217</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>26,964</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,615,181</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=8>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Attributed to controlling shareholders</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,598,665</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,591,970</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,618,934</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Attributed to non-controlling shareholders</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,753)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,753)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,753)</FONT>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 44</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
<B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>vi.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Reconciliation of income BRGAAP x IFRS for the year ended on December 31, 2009 </FONT></B>
<P style="MARGIN: 0in 0pt 0pt 0in; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="68%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Note</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="68%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net income in BRGAAP</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="2%" align=left></TD>
     <TD bgColor=#eaeaea width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,588,217</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>IFRS adjustments:</FONT>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp; </TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred assets</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 b</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,519</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capitalized exchange variation</FONT>&nbsp;</TD>
     <TD width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 d</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,545</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Monetary correction of hyperinflationary period</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 d</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,312)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan</FONT>&nbsp;</TD>
     <TD width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.2 a</FONT></B>&nbsp;</TD>
     <TD width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,481</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes on IFRS adjustments</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4.3 c</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="2%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,887)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" width="68%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other adjustments - net</FONT>&nbsp;</TD>
     <TD width="15%" align=left>&nbsp; </TD>
     <TD width="2%" align=left></TD>
     <TD width="15%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,618</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="68%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net income in IFRS</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="15%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="2%" align=left></TD>
     <TD bgColor=#eaeaea width="15%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,615,181</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="Z-INDEX: 3; POSITION: absolute; MARGIN-TOP: 0px; WIDTH: 513px; HEIGHT: 168px; MARGIN-LEFT: 0px"></FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 45</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>vii.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Reconciliation of cash flow BRGAAP x IFRS for the year ended on December 31, 2009 </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="43%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="43%" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 width="10%" align=center>&nbsp; <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>BRGAAP Published</FONT></B></TD>
     <TD vAlign=center rowSpan=2 width="1%" align=center></TD>
     <TD vAlign=center width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>BRGAAP As</FONT></B>&nbsp;</TD>
     <TD vAlign=center width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD vAlign=center width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>IFRS</FONT></B>&nbsp;</TD>
     <TD vAlign=center width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 width="10%" align=center>&nbsp; <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>IFRS</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Restated</FONT></B>&nbsp;</TD>
     <TD vAlign=center width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="10%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>adjustments</FONT></B>&nbsp;</TD>
     <TD vAlign=center width="1%" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash flow of operating activities:</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net income for the period</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,594,912</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,588,217</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="TEXT-INDENT: 5px" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>26,964</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,615,181</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjustments for the reconciliation of net income for the period</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>with the funds from the operating activities:</FONT></B>&nbsp;</TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right>&nbsp; </TD>
     <TD width="1%" align=right></TD>
     <TD width="10%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Monetary and exchange variations - net</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,024,573)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,024,573)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,024,573)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for charges on loans and financing</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,130,089</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,130,089</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right>&nbsp; </TD>
     <TD width="1%" align=right></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,130,089</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Depreciation/depletion/amortization</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>787,249</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>787,249</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 6px" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,097)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>780,152</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Income from the write-off and disposal of assets</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,494</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,494</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right>&nbsp; </TD>
     <TD width="1%" align=right></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,494</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Non-operating gains (losses)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(835,115)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(835,115)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(835,115)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Deferred income and social contribution taxes</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>109,324</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,994</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 5px" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,887</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,881</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for losses on notes receivable</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,527</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,527</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,527</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for actuarial liabilities - CBS</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(47,622)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(47,622)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right>&nbsp; </TD>
     <TD width="1%" align=right></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(47,622)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for swap</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(88,986)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(88,986)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(88,986)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for contingencies</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99,157</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99,157</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right>&nbsp; </TD>
     <TD width="1%" align=right></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99,157</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Other provisions</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>437,994</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>450,019</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,754)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>416,265</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,234,450</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,234,450</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>&nbsp; </TD>
     <TD width="1%" align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,234,450</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Accounts receivable</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51,082)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51,082)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51,082)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>- Inventory</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>926,260</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>926,260</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right>&nbsp; </TD>
     <TD width="1%" align=right></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>926,260</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Recoverable taxes</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(313,697)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(313,697)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(313,697)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Taxes payable</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>263,734</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>263,734</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right>&nbsp; </TD>
     <TD width="1%" align=right></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>263,734</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Taxes paid in installments - Refis</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(103,775)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(103,775)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=right></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(103,775)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Suppliers</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,137,203)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,137,203)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,137,203)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Salaries and payroll charges</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,257</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,257</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,257</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Contingent liabilities</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(422,375)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(422,375)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(422,375)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Judicial deposits</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(737,041)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(737,041)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(737,041)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Interests paid</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(992,280)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(992,280)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(992,280)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Interests paid on swap</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(742,700)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(742,700)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(742,700)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>287,433</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>287,433</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>287,433</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Changes in assets and liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,007,469)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,007,469)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,007,469)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash from operating activities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(773,019)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(773,019)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(773,019)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD bgColor=#f2f2f2 width="100%" colSpan=8>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Net effects from equity swap</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,420,322</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,420,322</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,420,322</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Swaps receivable</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>248,966</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>248,966</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>248,966</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Investment</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(284,232)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(284,232)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(284,232)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Property, plant and equipment</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,996,759)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,996,759)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,996,759)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Intangible assets</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,628)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,628)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,628)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash used in investment activities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(617,331)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(617,331)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(617,331)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=8>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Loans and financing</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,671,696</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,671,696</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,671,696</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Interest on shareholders' equity</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,027,600)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,027,600)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,027,600)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Treasury shares</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,350,307)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,350,307)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,350,307)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Financial institutions - principal</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,783,313)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,783,313)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,783,313)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net cash used in financing activities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,510,476</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,510,476</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,510,476</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD bgColor=#f2f2f2 width="100%" colSpan=8>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Exchange variation on cash and cash equivalents</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,300,744)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,300,744)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD bgColor=#f2f2f2 width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,300,744)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Increase (decrease) in cash and cash equivalents</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,180,618)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,180,618)</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,180,618)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents at the beginning of the year</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,151,409</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,151,409</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 width="1%" align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,151,409</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash and cash equivalents at the end of the year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,970,791</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,970,791</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,970,791</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.5 Reconciliation of quarterly consolidated information adjusted to the IFRS and disclosed</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>This information was subject to special reviewing procedures by the independent auditors, in accordance with the CVM requirements for Quarterly Information (NPA 06 by IBRACON), and were not audited in the scope of the Financial Statements.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: -0.75in; MARGIN: 0in 0in 0pt 0.75in; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Reconciliation of shareholders&#146; equity BRGAAP x IFRS in the quarters of 2010</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="59%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD width="59%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3/31/2010</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6/30/2010</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="59%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity in BRGAAP - Published</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,014,631</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,849,252</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,520,138</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="59%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity in BRGAAP - As Restated</FONT></B>&nbsp;</TD>
     <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,826,247</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,660,868</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,331,754</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>IFRS adjustments:</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="13%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="13%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="13%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred assets</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(35,398)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34,038)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(32,731)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#eaeaea width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capitalized exchange variation</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(156,301)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(151,860)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(147,361)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Monetary correction</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>156,977</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>153,537</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>149,977</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#eaeaea width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>637</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>637</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>637</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Exceeding dividends (mandatory minimum)</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,178,635</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="13%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#eaeaea width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension Plan - Private</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,312</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="13%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension Plan - Health insurance</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(31,714)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(31,714)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(31,714)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Useful life revision</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,814</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,659</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>62,736</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deemed Cost</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(35,555)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34,879)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34,202)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes without IFRS adjustments</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,305)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,105)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(22,945)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other adjustments</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,467</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,476</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,475</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 width="59%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity in IFRS</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,951,816</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,592,581</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,280,626</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: -0.75in; MARGIN: 0in 21.2pt 0pt 0.75in; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Reconciliation of net income BRGAAP x IFRS in the quarters of 2010</FONT></B></P>
<P style="MARGIN: 0in 21.2pt 0pt 0.75in; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 21.2pt 0pt 0in; punctuation-wrap: simple">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="59%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD width="59%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3/31/2010</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6/30/2010</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="59%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net income in BRGAAP</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>481,572</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,375,571</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,095,783</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred assets</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,933</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,293</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,600</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#eaeaea width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capitalized exchange variation</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,180</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,620</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,120</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension Plan - Private</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(37,635)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(69,947)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(69,947)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#eaeaea width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Monetary correction</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,346)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,786)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,346)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Useful life review</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,490</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,012</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>64,765</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#eaeaea width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other adjustments</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,681)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,681)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,681)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="59%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes without IFRS adjustments</FONT>&nbsp;</TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,576)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,376)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="13%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(20,215)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="59%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net income in IFRS</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>448,937</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,327,706</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="13%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,065,079</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 21.2pt 0pt 0in; punctuation-wrap: simple">&nbsp;</P>
<P style="MARGIN: 0in 21.2pt 0pt 0in; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-INDENT: 0in; MARGIN: 0in 21.2pt 0pt 0in; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iii.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Reconciliation of shareholders&#146; equity BRGAAP x IFRS in the quarters of&nbsp; 2009</FONT></B></P>
<P style="MARGIN: 0in 21.2pt 0pt 0in; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 21.2pt 0pt 0in; punctuation-wrap: simple">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3/31/2009</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6/30/2009</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2009</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity in BRGAAP - Published</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,907,591</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,927,542</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,354,786</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,593,493</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity in BRGAAP - As Restated</FONT></B>&nbsp;</TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,731,406</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,751,357</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,178,601</FONT></B>&nbsp;</TD>
     <TD width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,405,109</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>IFRS adjustments:</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="10%" align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea width="1%" align=left></TD>
     <TD bgColor=#eaeaea width="10%" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred assets</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(41,210)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(40,016)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(38,316)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(37,163)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#eaeaea width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capitalized exchange variation</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(191,654)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(187,305)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(179,631)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(173,145)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Monetary correction</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>175,932</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>176,771</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>172,267</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>164,323</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#eaeaea width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>637</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>637</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>637</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>637</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Exceeding dividends (mandatory minimum)</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>485,816</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=left>&nbsp; </TD>
     <TD width="1%" align=left></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,178,635</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#eaeaea width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension Plan - Private</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,094</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60,151</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>65,208</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,947</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension Plan - Health insurance</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,661)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,661)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,661)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(31,714)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#eaeaea width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Defered income and social contribution taxes without IFRS adjustments</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,950</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,064</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,693</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,277)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" width="57%" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other adjustments</FONT>&nbsp;</TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(844)</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>176</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160</FONT>&nbsp;</TD>
     <TD width="1%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD width="10%" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,158</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea width="57%" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Shareholders' equity in IFRS</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,194,466</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,737,174</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,170,958</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea width="1%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea width="10%" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,589,510</FONT></B>&nbsp;</TD></TR></TABLE>
<P style="MARGIN: 0in 21.2pt 0pt 0in; punctuation-wrap: simple"><FONT style="Z-INDEX: 6; POSITION: absolute; MARGIN-TOP: 0px; WIDTH: 614px; HEIGHT: 205px; MARGIN-LEFT: 0px"></FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="MARGIN: 0in 21.2pt 0pt 0in; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iv. Reconciliation of net income BRGAAP x IFRS in the quarters of 2009</FONT></B></P>
<P style="MARGIN: 0in 21.2pt 0pt 0in; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3/31/2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6/30/2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net income in BRGAAP</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>368,824</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>703,568</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,853,230</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,588,217</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left>
<P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred assets</FONT>&nbsp;</P>
</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,902</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,097</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,797</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,519</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" bgColor=#eaeaea align=left>
<P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capitalized exchange variation</FONT>&nbsp;</P>
</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,036</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,386</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,060</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,545</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left>
<P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension Plan - Private</FONT>&nbsp;</P>
</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,527</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,052</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,578</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,481</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" bgColor=#eaeaea align=left>
<P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Monetary correction</FONT>&nbsp;</P>
</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,703)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,864)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,369)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,312)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" align=left>
<P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes without IFRS adjustments</FONT>&nbsp;</P>
</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,628)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,333)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,523)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,887)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 1px" bgColor=#eaeaea align=left>
<P style="MARGIN-LEFT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other adjustments</FONT>&nbsp;</P>
</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(35)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,618</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net income in IFRS</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>373,965</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>715,903</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,871,738</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,615,181</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 21.2pt 0pt 0in; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>5.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>RELATED PARTIES TRANSACTIONS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions with Parent Company</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Vicunha Siderurgia S.A. is a holding Company whose purpose is to hold interest in other companies. It is the Company&#146;s main shareholder, with a 47.86% interest in the voting capital.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>CSN recorded interest on shareholders&#146; equity for the year, paid dividends and interest on shareholders&#146; equity for Vicunha Siderurgia in the amount indicated in the table below, according to the percentage of Vicunha Siderurgia&#146;s interest in CSN as of the closing date of this quarterly information.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="20%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Parent Company</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Minimum mandatory</FONT><BR>
dividend</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest on</FONT><BR>
shareholders'</FONT><BR>
equity</FONT><BR>
proposed</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends</FONT><BR>
distributed</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp; <FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest on</FONT><BR>
<FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>shareholders'</FONT><BR>
<FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>equity paid</FONT></TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Additional proposed</FONT><BR>
dividends</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total in 2010</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>130,701</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>170,813</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>717,834</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,499</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 12px" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>587,524</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total in 2009</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 13px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>179,459</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>153,121</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>689,747</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>243,060</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 12px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>538,376</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The corporate structure of Vicunha Siderurgia is described as follows (unaudited information):</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Rio Purus Participa&#231;&#245;es S.A. &#150; holds 60% in National Steel and 59.99% in Vicunha Steel S.A. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CFL Participa&#231;&#245;es S.A. &#150; holds 40% in National Steel and 39.99% in Vicunha Steel S.A. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>National Steel &#150; holds 33.04% in Vicunha A&#231;os&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Vicunha Steel &#150; holds 66.96% in Vicunha A&#231;os </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>Vicunha A&#231;os &#150; holds 99.99% in Vicunha Siderurgia </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transactions with jointly-owned subsidiaries</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company holds interest in jointly-owned subsidiaries in the strategic areas of mining, logistics and power generation. The characteristics, purposes and transactions with these companies are stated as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 48</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name="page_89"></A>
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<a name="_bclHeader89"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Assets</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="36%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center>&nbsp; </TD>
     <TD align=center></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accounts</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Dividends</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Loans (*)</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Companies</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>receivable</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>receivable</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp; </TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nacional Min&#233;rios</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,492</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>587,770</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 8px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,241,095</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,875,357</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>776</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,898</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,674</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,321</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,321</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in 2010</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>47,268</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>616,989</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,241,095</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,905,352</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in 2009</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>26,947</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>336,461</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 8px" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,231,721</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,595,129</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Loan agreement in the amount of R$1,197,800, starting on January 28, 2009, and interest rates of R$43,295 on December 31, 2010, the face value of this agreement is entitled to compensatory interest corresponding to 101% of CDI Cetip, maturing on January 31, 2012.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Liabilities </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="36%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center>&nbsp; </TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=7 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=center>&nbsp; </TD>
     <TD align=center></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Advance from</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Loans / Checking</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center>&nbsp; </TD>
     <TD align=center></TD>
     <TD align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Companies</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>clients</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>accounts</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nacional Min&#233;rios</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 6px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,924,542</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,423</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,942,965</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="TEXT-INDENT: 2px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,217</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,217</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,123</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,123</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in 2010</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,924,542</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,423</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>68,340</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,011,305</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in 2009</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 6px" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,638,658</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,823</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>86,635</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,737,116</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Nacional Min&#233;rios: the advance from clients received from the jointly-owned subsidiary Nacional Min&#233;rios S.A. is related to the contractual obligation of iron ore supply and port services. The contract has a 12.5% p.a. interest rate and maturity expected for June 2042. The amount due in 2011 corresponds to R$325,099.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>MRS Log&#237;stica: in other accounts payable we recorded the amount provisioned to cover take-or-pay and block rates contractual expenses related to the rail transportation contract. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>It&#225; Energ&#233;tica: it is related to the electric power supply billed under normal market conditions of the Brazilian energy market, ruled by Electric Power Trade Chamber.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="28%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center>&nbsp; </TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Revenues</FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Expenses</FONT></B></TD></TR>
<TR>
     <TD colSpan=13 align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Companies</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sales</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interest and</FONT></B><BR>
monetary and</FONT></B><BR>
exchange variations</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Purchases</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interest and</FONT></B><BR>
monetary and</FONT></B><BR>
exchange variations</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nacional Min&#233;rios</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>694,378</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>114,943</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 2px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>809,321</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,788</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>934,014</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>957,802</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>371,705</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>371,705</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>154,277</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>154,277</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in 2010</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>694,378</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>114,943</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>809,321</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>549,770</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>934,014</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,483,784</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in 2009</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 1px" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>508,882</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>105,407</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>614,289</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>950,189</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>898,349</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,848,538</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company`s main operations with jointly-owned subsidiaries are purchase and sale of products and services that include iron ore supply, port service provision transactions, rail transportation as well as electric power supply for operations. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 49</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>c) Transactions with subsidiaries and special purpose entities (exclusive investment funds)</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Assets</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="31%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD></TR>
<TR height=20>
     <TD style="BORDER-TOP: #000000 1px solid" colSpan=14 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Companies</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accounts</FONT></B><BR>
receivable</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Marketable</FONT></B><BR>
securities </FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></SUP></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Loans</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3) </FONT></SUP></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>/<BR>
Advances</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Dividends</FONT></B><BR>
receivable</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Advance for future</FONT></B><BR>
capital increase</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Derivative financial</FONT></B><BR>
instruments</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></SUP></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands VIII</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,166</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 10px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,231</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>258,397</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Portugal</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>437,440</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>437,440</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Europe</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>303,975</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>303,975</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN A&#231;os Longos</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>257,237</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>257,237</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inal Nordeste</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,433</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,433</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>International Investment Fund</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,724</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,724</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cia Metalurgia Prada</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,405</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>98,405</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Cimentos</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,417</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>662,084</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>665,501</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cia. Metalic Nordeste</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,595</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,595</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Estanho Rond&#244;nia - ERSA</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,731</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,731</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transnordestina</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>289,314</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>289,314</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Florestal Nacional</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,184</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,184</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sepetiba Tecon</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>144</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,555</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,699</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Itamambuca Participa&#231;&#245;es</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>301</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>301</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Exclusive funds</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>204,677</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>204,677</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in 2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>814,409</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>204,677</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>141,639</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,856</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,252,801</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 10px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>254,231</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,673,613</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in 2009</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,004,646</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,724,714</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20,521</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,964</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>182,537</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 10px" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>152,209</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,092,591</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1) The financial investments and the investments in exclusive funds are managed by Banco BTG Pactual. In 2010 the balance is composed only by shares of Usiminas, classified as investment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(2) Financial instrument agreement, specifically swap between CSN and Islands VIII.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(3) International Investment Fund &#150; agreement in US$ dollars: 4.3% p.a. interest with undefined maturity. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Florestal Nacional &#150; agreement in Brazilian reais (R$): 103.0 and 105.5% CDI interest due on April 1<SUP>st</SUP>, 2011.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Accounts receivable derive from sales operations of products and services among the parent Company and the subsidiaries.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Liabilities</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="22%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center>&nbsp; </TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Loans and financing</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accounts payable</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Companies</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Pre-payment </FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></SUP></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fixed Rate</FONT></B><BR>
Notes</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></SUP></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Loans and</FONT></B><BR>
Intercompany</FONT></B><BR>
Bonds </FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></SUP></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Loans</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3) </FONT></SUP></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>/ Checking</FONT></B><BR>
accounts</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Resources</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,715,891</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,080,432</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,796,323</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands VIII</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,214,767</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,531</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,216,298</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Portugal</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>364,830</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>364,830</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Ib&#233;ria</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>740,368</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>257,362</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>997,730</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Europe</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,415</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>294,614</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>312,029</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Aceros</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,750</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Congonhas Min&#233;rios</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,155,991</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,155,991</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Exclusive funds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,405</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,405</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other(*)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,369</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,369</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in 2010</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,080,721</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,955,135</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,253,838</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>570,257</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>43,774</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,903,725</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in 2009</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,368,683</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,793,350</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,143,915</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>605,817</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,728</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,913,493</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Transactions with these subsidiaries are carried out under market conditions.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Contracts in US$ - CSN Resources: interest from 2.26% to 10.00% p.a. with maturity in June 2018.&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Contracts in US$ - CSN Portugal: interest from 6.15% to 7.43% p.a. with maturity in May 2015.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 45pt; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 50</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Contracts in US$ - CSN Resources: InterCompany Bonds, interest of 9.12% p.a. with maturity on June 1, 2047.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Contracts in US$ - CSN Resources (part): 3.99% p.a. with maturity in April 2013.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Contracts in YEN &#150; CSN Islands VIII: interest of 5.65% p.a. with maturity in December 2013.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Contracts in YEN &#150; CSN Resources: interest of 4.14% p.a. with maturity on July 13, 2015.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Contracts in US$ - CSN Europe (part): semiannual Libor + 2.25% p.a. with maturity on September 15, 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Contracts in R$ - Congonhas Min&#233;rios: 100.5% to 105.5% p.a. of CDI, with maturity postponed to April 1<SUP>st</SUP>, 2011 (with previous maturity on December 15, 2010). </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(3)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Contracts in US$ - CSN Ib&#233;ria (part): semiannual Libor + 3% p.a. with indefinite maturity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Contracts in US$ - CSN Europe (part): semiannual Libor + 3% p.a. with indefinite maturity.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 49.5pt; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>(*)</FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif> </FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>Other</FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>:</FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif> CSN Cimentos, Companhia Metal&#250;rgica Prada, Cia. </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Metalic Nordeste, Sepetiba Tecon and Inal Nordeste.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="28%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Revenues</FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Expenses</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Companies</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sales</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interest and <BR>
monetary</FONT></B><BR>
and exchange <BR>
variations</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Purchases </FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interest and</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>monetary and</FONT></B><BR>
exchange variations</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Companhia Metal&#250;rgica Prada</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>923,711</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>923,711</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,939</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,939</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Export</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>603,668</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,487</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>628,155</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,113</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,113</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands VIII</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,017</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,017</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Resources</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>120,240</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>120,240</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Europe</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>437,226</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,849</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>451,075</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,690</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,690</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Ib&#233;ria</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,126</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>51,126</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cia. Metalic Nordeste</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>81,804</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>81,804</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,916</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,916</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>GalvaSud</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,114</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,114</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,316</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,316</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Estanho of Rond&#244;nia - ERSA</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,389</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,389</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inal Nordeste</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,987</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,987</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>707</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>707</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sepetiba Tecon</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,018</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,018</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,598</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,598</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Congonhas Min&#233;rios</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,123</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,123</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Cimentos</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,780</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,780</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>106</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>106</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Portugal</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,126</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,910</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,036</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,181</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,181</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Namisa Europe</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>357</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>357</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Aceros</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>754</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>754</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>International Investment Fund</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>203</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>203</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Exclusive funds</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,046</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,046</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Florestal Nacional</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,160</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,160</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in 2010</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,192,434</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>53,720</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,246,154</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>64,971</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>464,536</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>529,507</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in 2009</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,043,334</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>467,469</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,510,803</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>179,387</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>880,540</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,059,927</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#146;s main operations with subsidiaries are the purchase and sale of products and services, including iron ore, steel and port services.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>d) Other related parties</FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CBS Previd&#234;ncia</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company is its main sponsor, a non-profit civil association set up in July 1960, whose main purpose is to pay supplementary benefits to those paid by social security. As a sponsor, CSN maintains payment transactions of contributions and actuarial liability recognition ascertained in defined benefit plans, Note 30.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 51</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Funda&#231;&#227;o CSN</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company develops socially responsible policies currently focused on Funda&#231;&#227;o CSN, whose sponsor is the Company. Transactions between the parties are related to operating and financial support for Funda&#231;&#227;o CSN to develop social projects, mainly in the localities where CSN operates. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Banco Fibra</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Banco Fibra is under the same control structure of Vicunha Siderurgia, and financial transactions with this bank are limited to transactions in checking accounts and financial investments in fixed income. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=PT-BR face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=PT-BR face="Times New Roman">&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>CBL &#150; Companhia Brasileira&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Latas</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CBL (Companhia Brasileira&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Latas) operates in the metallic steel packages segment, serving the chemical and food segments, supplying packages to the main companies in the market, in which CSN holds shares considering it is a debenturer of CBL, accounting for a participation of 0.0053%.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On December 31, 2010, in the long-term, the Company had accounts receivable amounting to R$239,039 (R$239,039 in 2009), and debentures, amounting to R$212,870 (R$212,870 in 2009) from Grupo CBL (Companhia Brasileira&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Latas) which is duly covered by a provision for losses in the same amount.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The balances of transactions between the Company and these entities are shown as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Assets and Liabilities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="30%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center>&nbsp; </TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=7 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B> <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B> <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Empresa</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Banks/Marketable</FONT></B><BR>
securities</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Accounts</FONT></B><BR>
Receivables</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Checking</FONT></B><BR>
account</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Actuarial</FONT></B><BR>
liabilities</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other</FONT></B><BR>
accounts</FONT></B><BR>
payable</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CBS Previd&#234;ncia</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>367,839</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>367,839</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Funda&#231;&#227;o CSN</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,199</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,199</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco Fibra</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 14px" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>86</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>86</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Usiminas</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="TEXT-INDENT: 6px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,455</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,455</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,096</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,096</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Panatl&#226;ntica</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,227</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,227</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 14px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>86</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>24,682</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,199</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,967</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>367,839</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>16,133</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>383,972</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 14px" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>34</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>906</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>940</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 4px" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>317,145</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>90</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>317,235</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="34%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center>&nbsp; </TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Revenues</FONT></B> <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Expenses</FONT></B> <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Company</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Interest/<BR>
sales revenue</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other<BR>
revenues</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Pension</FONT></B><BR>
Fund</FONT></B><BR>
Expenses</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Other</STRONG><FONT size=3 face="Times New Roman">&nbsp;<BR>
</FONT><STRONG>expenses</STRONG></FONT>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CBS Previd&#234;ncia</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=right></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 4px" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>82,041</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=right></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>82,041</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Funda&#231;&#227;o CSN</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,385</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,385</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Banco Fibra</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>680</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=right></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>680</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=right></TD>
     <TD bgColor=#f8f8f8 align=right>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=right></TD>
     <TD bgColor=#f8f8f8 align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CBL</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>84,350</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>84,350</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,672</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,672</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Usiminas</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,486</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=right></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,486</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=right></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,594</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,594</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Panatl&#226;ntica</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>224,795</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>224,795</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total em 2010</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>413,311</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>90</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>413,401</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>82,041</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>58,651</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>140,692</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total em 2009</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>97,487</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>190</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>97,677</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 4px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>76,420</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,305</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>77,725</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 52</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt 0in; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>e)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> Key-management personnel</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Key management personnel are responsible for planning, directing and controlling the Company&#146;s activities and include the members of the Board of Directors and statutory directors. Information on compensation and balances existing on December 31, 2010 is shown below.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="68%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Short-term benefits for employees and management</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,881</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 2px" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,926</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Post-employment benefits</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 7px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>81</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 7px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>75</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other long-term benefits</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 7px" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 7px" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Benefits of labor agreement termination</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 7px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 7px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Share-based compensation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>n/a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,962</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>22,001</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>n/a &#150; Not applicable</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>f) Policy for investments and payment of interest on shareholders&#146; equity and distribution of dividends </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>As of December 11, 2000, the CSN Board of Directors decided to adopt a profit distribution policy which will result in the full distribution of net income to its shareholders, in compliance with Law 6,404/76 amended by Law 9,457/97, provided that the following priorities are preserved, irrespective of their order: (i) business strategy; (ii) compliance with liabilities; (iii) execution of the necessary investments; and (iv) maintenance of the Company&#146;s good financial standing.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>6.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CASH AND CASH EQUIVALENTS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="49%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current assets</FONT></B>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#f8f8f8 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash and Banks</FONT></B>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>156,580</FONT></B>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>142,045</FONT></B>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14,033</FONT></B>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>31,023</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD bgColor=#f8f8f8 colSpan=8>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Marketable securities</FONT></B>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>In Brazil:</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 18px" bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Exclusive investment funds</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,724,714</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 18px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Government bonds</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>477,529</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,339,972</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 18px" bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed income and debentures (*)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,134,364</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,304,713</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,062</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,545</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,611,893</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,644,685</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>93,062</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,841,259</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#f8f8f8 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Abroad:</FONT></B>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 18px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Time Deposits</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,470,805</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,184,061</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,202</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>637</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Marketable securities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,082,698</FONT></B>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,828,746</FONT></B>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>94,264</FONT></B>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,841,896</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,239,278</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,970,791</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>108,297</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,872,919</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The available financial funds in the Parent Company and subsidiaries established in Brazil are primarily invested in exclusive investment funds, whose cash is mostly invested in repurchase operations pegged to Brazilian government bonds, with immediate liquidity. Additionally, a significant portion of the financial funds of the Company and its subsidiaries abroad is invested in Time Deposits in first-tier banks.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The exclusive investment funds, managed by BTG Pactual Servi&#231;os Financeiros S.A DTVM, and its assets, are accountable for possible losses in investments and operations carried out. The Company may bear the fund&#146;s operation fees (management, custody and audit fees) and it may also be called to back the shareholders&#146; equity in the event of losses resulting from interest rate, exchange rate or other financial asset variations.</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 53</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Fixed Income:</FONT></B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> financial investments in the amount of R$2,079,549 in the consolidated and R$93,062 in the parent Company, backed by Bank Deposit Certificates, with remuneration based on the variation of Interbank Deposit Certificates&nbsp; (CDI).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>(*) </FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Debentures:</FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif> Investments in the jointly-controlled subsidiary MRS amounting to R$54,815 in debentures, with remuneration based on the variation of Interbank Deposit Certificates (CDI) in securities of Santander, Votorantim, Safra, Ita&#250; BBA and Bradesco.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>7.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TRADE ACCOUNTS RECEIVABLE </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="49%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Clients</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Third-parties</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Domestic market</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>846,507</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>977,239</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>577,589</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>493,145</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>530,356</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>359,355</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,948</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,255</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Allowance for doubtful accounts</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(117,402)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(164,077)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(99,023)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(107,558)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,259,461</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,172,517</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>493,514</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>388,842</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Related parties (Note 5)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,798</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>861,677</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,031,593</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,259,461</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,186,315</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,355,191</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,420,435</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other accounts receivable</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends receivable</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>622,544</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>344,425</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loans to subsidiaries</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,318</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,569</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>164,210</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,921</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other receivables</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90,980</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>128,057</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,027</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,972</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>108,298</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>141,626</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>825,781</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>409,318</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,367,759</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,327,941</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,180,972</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,829,753</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In order to meet the needs of some domestic market clients, related to the extension of steel payment term, in common agreement with CSN group&#146;s internal commercial policy and the maintenance of its short-term receivables (up to 14 days), as requested by the client, loan granting operations without co-obligation are negotiated between the client and common banks, where CSN group grants trade bills/notes issued by it to common banks. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Considering the type of the loan granting operations without co-obligation, CSN group, after granting client trade bills/notes and receiving funds from closing each operation, settles accounts receivable and fully releases itself from the operation credit risk.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This operation amounts to R$247,680 on December 31, 2010 (R$235,204 in 2009), deducted from accounts receivable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Below, the breakdown of provision for trade accounts receivable losses of the Company:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="49%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Opening balance</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(164,077)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(162,550)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(107,558)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(78,518)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for losses from trade accounts receivable</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,439)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(68,524)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,535)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(93,771)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Credits recovered</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,114</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>66,997</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,070</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>64,731</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(117,402)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(164,077)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(99,023)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(107,558)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 54</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>8.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INVENTORIES</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="49%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Finished products</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,016,594</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>600,955</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>783,556</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>377,760</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Work in process</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>588,723</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>510,006</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>550,824</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>442,037</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Raw materials</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>656,286</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>581,393</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>534,514</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>446,842</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Supplies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>864,205</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>711,855</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>737,407</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>595,550</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Iron ore</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>313,716</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>249,978</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>179,543</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150,279</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for losses</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(83,738)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(48,814)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(79,131)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(40,465)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,355,786</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,605,373</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,706,713</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,972,003</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Certain items taken as obsolete, or with a low turnover, were the purpose of provisions.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 31, 2010 the Company had iron ore long-term inventories amounting to R$130,341, classified in other non-current assets.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>9.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER CURRENT ASSETS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Other current assets recorded under current assets are as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="49%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>prepaid taxes</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>89,596</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,831</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,129</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guaranteed margin - finacial instruments (Note 17)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,485</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>115,949</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrealizad gains with derivatives (Note 17)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,231</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>152,209</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>344,081</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>170,780</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>261,360</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>152,209</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>10.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>DEFERRED INCOME AND SOCIAL CONTRIBUTION TAXES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(a)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income and social contribution taxes recognized in the income statement:</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Income and social contribution taxes recognized in the income statement are shown below:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="49%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT color=#333333 size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Expenses (revenue) with income and social contribution taxes</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>313,371</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>581,735</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90,485</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>270,649</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>257,326</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,881</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>74,632</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(88,266)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>570,697</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>699,616</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>165,117</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>182,383</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 55</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The reconciliation of income and social contribution taxes expenses and revenues of the Parent Company and consolidated and the effective IR and CSLL rate are shown as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="49%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income before income and social contribution taxes</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,086,888</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,314,797</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,681,493</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,801,317</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax rate</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income and social contribution taxes at the combined tax rate</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,049,542)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,127,031)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(911,708)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(952,448)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjustments to reflect the effective tax rate:</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Benefit of interest on shareholders' equity - JCP</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>121,312</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>108,788</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>121,312</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>108,788</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Equity income of subsidiaries at different rates or which are not taxable</FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>216,529</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>169,314</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>508,987</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>452,996</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax incentives</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,824</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,732</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,824</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,309</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjustments from installments from Law 11,941 and MP 470 (Note 20)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>106,216</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>252,838</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,729</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>252,153</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 11px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other permanent exclusions (additions)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>964</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(115,257)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,261)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(53,181)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Income and social contribution taxes on net income for the year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(570,697)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(699,616)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(165,117)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(182,383)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Effective rate</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18%</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>21%</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6%</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7%</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>(*) In 2009 refers mainly by the constitution of deferred income tax on the tax loss carryfowards of the subsidiary Prada</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(b)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Deferred income and social contribution taxes:</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Deferred income and social contribution taxes are recorded in order to reflect future tax effects attributable to temporary differences between the tax base of assets, liabilities and the respective carrying value.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="41%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Deferred</FONT></B>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 13px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax loss on income tax</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,944</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>162,123</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>307,545</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>143,688</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>233,643</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 13px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Negative basis of social contribution</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,871</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>56,661</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>110,763</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,574</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>83,855</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Temporary differences</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,586,126</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,708,234</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,176,416</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>854,437</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>799,920</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,018,122</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 13px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for contingencies</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>298,708</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>279,184</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>556,725</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>276,098</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>265,092</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>544,120</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 13px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for losses in assets</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,345</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,984</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,519</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,342</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,173</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35,072</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 13px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for losses in inventories</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,011</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,969</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,899</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,660</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,231</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,306</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 13px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for gains/losses in financial instruments</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>183,169</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>160,239</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>78,821</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,753</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>139,297</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90,772</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 13px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for interest on shareholders' equity</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>121,351</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,706</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91,276</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>121,351</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,706</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91,276</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 13px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for long-term sales</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,221</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,806</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,383</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,221</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,806</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,383</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 13px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for inputs and services</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,828</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,929</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,074</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,371</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,008</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,696</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 13px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Allowance for doubtful accounts</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>146,865</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102,482</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,950</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>144,732</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>78,520</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38,318</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 13px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Provision for payments of private pension plan</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,012</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,358</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,336</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,782</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,973</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 13px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- IFRS Adjustments</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57,813</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,532</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102,757</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,475</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>98,638</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105,473</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 13px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Tax benefit from merger</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>599,730</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>791,184</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>61,563</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,780</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 13px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60,073</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>140,861</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>129,113</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,654</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>78,667</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38,733</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,592,941</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,927,018</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,594,724</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>854,437</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>998,182</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,335,620</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current assets</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,592,941</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,957,058</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,596,905</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>854,437</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>998,182</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,335,620</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current liabilities</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(30,040)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,181)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Some companies of the group, recorded tax credits on corporate income tax loss carryforwards and negative basis of social contribution that are not subject to statute of limitations based on the history of profitability and on the expectations of future taxable income determined in technical valuation approved by the Management.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In July 2010, the Company adhered to the Tax Recovery Program &#150; REFIS and chose to offset part of the tax loss balance as of December 31, 2009 and portion B of the tax accounting ledger (LALUR) of the corporate income tax and negative basis of social contribution in the amount of R$110,192 and R$39,669, respectively, with the last four installments of the tax recovery program, debit modality as provided for Provisional Measure 470/09 paid in 12 months, according to the applicable legislation.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>For being subject to any material aspects that might change realization projections, the book value of deferred tax assets is reviewed monthly and projections are reviewed annually. These studies indicate the realization of these tax assets within the term established by said Instruction and within the 30% limit of the taxable income.</FONT></P>
</DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 56</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Some of CSN&#146;s subsidiaries have tax credits amounting to R$265,532 and R$69,910 of corporate income tax on tax loss carryforwards and negative basis of social contribution, for which no deferred tax was recorded, of which 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 credits refer to domestic companies, thus, these do not expire.</FONT></P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The tax benefit over goodwill of Nacional Min&#233;rios S.A., resulting from the merger of Big Jump in July 2009, was R$1,391,858. Up to December 2010, R$394,360 (R$115,988 in 2009) was realized, and remains R$997,498 to be realized by 2014. From 2011 to 2013 this realization will be R$278,372 per year. In 2014, the last year, the benefit will be R$162,382.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Undistributed profits related to the Company&#146;s foreign subsidiaries were invested and continued to be invested in its operations. These undistributed profits related to the Company&#146;s foreign subsidiaries amounted to R$2,434,537 on December 31, 2010. If circumstances change and the Company resolves to repatriate these unshared profits, the related tax risk will be R$1,083,367.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(c)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income tax recognized in shareholders&#146; equity:</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Income tax and social contribution directly recognized in shareholders' equity are shown below:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="49%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(Losses)/gains from Income and social contribution taxes</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial gains and losses</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,065</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76,069</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,065</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76,069</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Available-for-sale financial instruments</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>75,522</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,242</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net investment</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>433,297</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>425,510</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>433,297</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>425,510</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(d)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Tax incentives </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company benefits from tax incentives of income tax based on prevailing laws, such as: Employee Meal Program, Rouanet Law, Tax Incentives from Audiovisual Activities, Child and Teenager Rights Funds and Incentive to Sports and Sports for the Disabled Projects. On December 31, 2010, they amounted to R$8,160 (R$11,732 in 2009).</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(e)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transitional Tax Regime</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Transitional Tax Regime (RTT), which was regulated by Law 11,941/09, will be effective until the law that rules tax effects of new accounting methods becomes effective, aiming at tax neutrality. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The regime was optional in calendar years 2008 and 2009, provided that: (i) it is applied to the two-year period 2008-2009, not to a single calendar year; and (ii) the option is expressed in the Statement of Corporate Economic-Financial Information (DIPJ), mandatory as of calendar year 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company chose to adopt the RTT in 2008. As a consequence, for the purposes of calculating the income tax and social contribution on net income for the years ended in 2009 and 2008, prerogatives set forth in the RTT were used. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 57</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>11.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER NONCURRENT ASSETS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Other noncurrent assets classified in long-term assets are broken down as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="49%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Judicial deposits (Note 21)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,774,706</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,706,971</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,704,026</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,640,162</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes recoverable (*)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>247,910</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>236,852</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>122,868</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>153,578</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>283,478</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>278,814</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>172,202</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>162,717</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,306,094</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,222,637</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,999,096</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,956,457</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) This mainly refers to PIS/COFINS and ICMS on the acquisition of fixed assets, which will be recovered during a 48-month period.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>12.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INVESTMENTS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Direct interest in subsidiaries and jointly-owned subsidiaries</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=13 align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=9 align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=9 align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>01/01/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Companies</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Number of shares<BR>
(in units)</FONT></B></TD>
     <TD vAlign=center align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>%</FONT></B><BR>
<B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Direct</FONT></B><BR>
<B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>interest </FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Net</FONT></B><BR>
<B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>income</FONT></B><BR>
<B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(loss)</FONT></B><BR>
<B><FONT size=1 face=Arial>for the year</FONT></B>&nbsp;</TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Assets&nbsp;</FONT></B>&nbsp;</TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><STRONG><FONT size=1 face=Arial>Liabilities</FONT></STRONG>&nbsp;</TD>
     <TD vAlign=center rowSpan=2 align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Shareholders'</FONT></B><BR>
<B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>equity</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>%</FONT></B><BR>
<B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Direct</FONT></B><BR>
<B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>interest </FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Net</FONT></B><BR>
<B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>income</FONT></B><BR>
<B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(loss)</FONT></B><BR>
<STRONG><FONT size=1 face=Arial>for the year</FONT></STRONG>&nbsp;&nbsp;</TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Assets&nbsp;</FONT></B>&nbsp;</TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><STRONG><FONT size=1 face=Arial>Liabilities</FONT></STRONG>&nbsp;</TD>
     <TD vAlign=center rowSpan=2 align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Shareholders'</FONT></B><BR>
<B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>equity</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>%</FONT></B><BR>
<B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Direct</FONT></B><BR>
<B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>interest </FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Net</FONT></B><BR>
<B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>income</FONT></B><BR>
<B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(loss)</FONT></B><BR>
<STRONG><FONT size=1 face=Arial>for the year</FONT></STRONG></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><STRONG><FONT size=1 face=Arial>Assets</FONT></STRONG>&nbsp;</TD>
     <TD vAlign=center rowSpan=2 align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><STRONG><FONT size=1 face=Arial>Liabilities</FONT></STRONG>&nbsp;</TD>
     <TD vAlign=center rowSpan=2 align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Shareholders'</FONT></B><BR>
<B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>equity</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Common</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Preferred</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Cia. Metalic Nordeste</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>92,293,156</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>14,667</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>153,707</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>48,472</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>105,235</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(2,801)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>137,661</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>52,283</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>85,378</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>12,846</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>159,699</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>71,416</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>88,283</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>INAL Nordeste</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>43,985,567</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(6,556)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>41,926</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>11,524</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>30,402</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(10,580)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>51,295</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>14,337</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>36,958</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,004</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>58,785</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>17,248</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>41,537</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CSN A&#231;os Longos</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>271,278,162</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(3,953)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>529,833</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>265,516</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>264,317</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(1,452)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>279,618</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>69,629</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>209,989</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>175,778</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>138,971</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>36,807</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>GalvaSud</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>8,424</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>109,115</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>863,077</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>89,868</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>773,209</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>115,770</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>899,091</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>150,147</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>748,944</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CSN Steel</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,680,726,588</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(296,474)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,450,038</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99,293</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,350,745</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(43,528)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,427,993</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>13,785</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,414,208</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>58,352</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,017,855</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>91,268</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,926,587</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CSN Metals</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>7,173,411</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(37,882)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>972,894</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5,905</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>966,989</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>27,039</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,078,928</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>73,811</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,005,117</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>90,744</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,400,672</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>95,618</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,305,054</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CSN Americas</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>4,240,032</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>124,758</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>964,271</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>4,857</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>959,414</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>136,473</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>786,128</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>93,290</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>692,838</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(136,810)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>895,003</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>127,776</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>767,227</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CSN Minerals</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,675,319</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>213,954</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,649,792</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>4,463</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,645,329</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>635,848</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>935,631</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>15,012</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>920,619</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(529,270)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>525,584</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>14,010</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>511,574</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CSN Export</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,036,429</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>136,530</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>499,857</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>155,713</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>344,144</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(9,607)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,225,617</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,018,004</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>207,613</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>29,540</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,480,010</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,301,544</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>178,466</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Companhia Metalurgica Prada</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,155,036</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(24,022)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>609,133</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>170,423</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>438,710</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(80,908)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>634,071</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>150,485</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>483,586</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(5,568)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>808,232</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>180,229</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>628,003</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CSN Islands VII</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>20,001,000</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(4,866)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>254,706</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>227,013</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>27,693</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(14,963)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>167,840</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>135,282</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>32,558</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>13,533</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>91,810</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>44,288</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>47,522</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CSN Islands VIII</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>39,831</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,224,853</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,178,529</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>46,324</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(2,089)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,124,418</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,118,113</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,305</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>4,159</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,541,912</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,533,518</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>8,394</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CSN Islands IX</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(3,686)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>698,345</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>698,567</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(222)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(4,604)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>729,792</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>729,821</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(29)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(2,968)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>983,316</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>980,756</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,560</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CSN Islands X</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(3,205)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>92</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>35,645</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(35,553)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,666</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,297,131</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,329,479</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(32,348)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(13,456)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,748,889</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,787,903</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(39,014)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CSN Islands XI</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>50,000</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(5,695)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,277,555</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,271,521</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,034</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(24,381)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,310,270</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,328,547</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(18,277)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CSN Islands XII</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,540</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(29,194)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,634,731</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,663,925</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(29,194)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Tangua</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>10</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,419</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>21,228</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>39</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>21,189</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(986,513)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>248,983</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>41</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>248,942</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(179,964)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>7,184,358</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>53</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>7,184,305</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>International Investment Fund</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>50,000</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>13,511</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>141,852</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>20,724</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>121,128</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>31,649</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>128,136</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>20,521</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>107,615</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.00</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(18)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>30,205</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>26,730</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,475</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>MRS Log&#237;stica</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>188,332,667</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>151,667,313</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>22.93</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>435,570</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>4,804,343</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,784,495</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,019,848</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>22.93</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>605,722</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>4,923,726</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,207,026</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,716,700</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>22.93</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>663,190</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>4,618,547</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,034,898</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,583,649</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Transnordestina Log&#237;stica</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,000,000,000</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>255,863,653</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>76.45</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(817)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,801,908</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,995,861</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>806,047</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>84.34</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(23,708)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>927,682</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>397,093</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>530,589</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>84.50</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(10,702)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>627,767</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>339,769</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>287,998</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Sepetiba Tecon</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>254,015,053</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>23,389</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>293,264</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>105,350</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>187,914</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>34,341</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>282,218</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100,984</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>181,234</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>32,689</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>248,606</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>92,040</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>156,566</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>It&#225; Energ&#233;tica</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>520,219,172</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>48.75</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>45,958</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>852,239</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>255,324</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>596,915</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>48.75</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>50,011</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>961,334</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>325,766</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>635,568</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>48.75</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>35,160</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>997,709</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>399,863</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>597,846</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CSN Energia</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>26,123</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(20,947)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>17,929</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(1)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>17,930</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.90</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(1,548)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>97,292</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>97,885</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(593)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.90</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(9,799)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>135,795</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>44,065</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>91,730</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Estanho of Rond&#244;nia - ERSA</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>34,236,307</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,417</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>27,684</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>9,548</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>18,136</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(8,052)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>19,561</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>4,842</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>14,719</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>4,958</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>32,104</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>904</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>31,199</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Congonhas Min&#233;rios</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>64,610,863</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(12,865)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,035,285</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,013,926</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>21,359</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>381</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5,934</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>34</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5,900</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>437</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5,575</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>56</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5,519</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Minera&#231;&#227;o Nacional</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>48</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,048</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,046</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(2)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>998</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>998</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(433)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Nacional Min&#233;rios</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>475,067,405</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>59.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,974,019</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>13,688,670</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,934,166</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>10,754,504</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>59.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>917,068</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>12,260,093</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,431,517</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>9,828,576</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>59.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>198,516</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>9,185,503</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,082,268</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>8,103,235</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Pelotiza&#231;&#227;o Nacional</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(421)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>600</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(400)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CSN Cimentos</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>854,313,855</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(15,382)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,217,313</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>854,590</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>362,723</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(29,180)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>612,527</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>300,628</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>311,899</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(5,967)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>416,520</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>351,113</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>65,407</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Florestal Nacional</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(23,266)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>449,901</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>525,806</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(75,905)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(2)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>998</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>998</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>99.99</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(365)</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,000</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The number of shares, the amounts of income/loss for the period and shareholders' equity refer to 100% of the companies&#146; income.</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 58</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Investment breakdown</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="68%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Opening balance of investments</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,796,654</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>19,583,495</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Opening balance of provision for losses</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(51,246)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(39,014)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capital increase/decrease</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,430,965</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,133,980)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(622,544)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(446,026)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Result of equity pick-up and provision for losses</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,438,170</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>486,187</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Comprehensive income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(161,036)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Merger of subsidiary (*)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(835,115)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,054)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>129,861</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Closing balance on investments</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>16,959,784</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,796,654</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Closing balance of provision for losses</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(140,875)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(51,246)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>(*) </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=windowtext face=Arial,sans-serif>Gain in equity results of the </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>jointly-controlled subsidiary Namisa </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=windowtext face=Arial,sans-serif>resulting from tax benefit due to the reverse merger of Big Jump (shareholder of Namisa)</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> (Note 10 b).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>c)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Additional Information on the main operating subsidiaries</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>CIA. METALIC NORDESTE</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company, with its head office located in Maracana&#250;, State of Cear&#225;, has as its main corporate purpose the manufacturing of metallic packaging destined to the beverage industry.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Its operation unit can be characterized as one of the world&#146;s most modern ones and counts on two different production lines: the can production line, whose raw material is tin-coated steel, supplied by the parent Company, and the lid production line, whose raw material is aluminum.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Its production is mainly geared towards the Brazilian northern and northeastern markets, with the surplus production of lids sold abroad. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>INAL NORDESTE</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Based in Cama&#231;ari, State of Bahia, the Company has as its main purpose to reprocess and distribute the CSN steel products, operating as a service and distribution center in the Northeast region of the country.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>A&#199;OS LONGOS</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Established in Volta Redonda in the state of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro, it aims at manufacturing and selling rolled long steel, except tubes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In October 2, 2009, the Company still pre-operational, started the construction works of the plant, which is expected to be concluded in 2011 and to become operational in 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>GALVASUD</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>On January 29, 2010, CSN merged subsidiary GalvaSud S.A., headquartered in Porto Real, in the state of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro, given the resemblance between the activities performed by both companies. The equity merger resulted in the optimization of processes and maximization of results, by concentrating both companies&#146; selling, operating and administrative activities in one single organizational structure. The Company informed the merger, approved </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>at the Extraordinary General Meeting held on January 29, 2010, to shareholders and to the market on January 13, 2010 by disclosing a Material Fact.</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 59</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>The amounts included totaled a net asset of R$783,421, which mainly corresponded to cash and cash equivalents of R$299,232, inventory of R$122,104, fixed assets of R$228,138 and other assets and liabilities amounting to R$142,355</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>COMPANHIA METAL&#218;RGICA PRADA </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><I><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Packages</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the market since 1936, Companhia Metal&#250;rgica Prada operates in the metallic steel packages segment, manufacturing the best and safest cans, buckets and aerosol containers, serving the chemical and food segments, supplying lithography packages and services to the main companies in the market.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In its three production units &#150; S&#227;o Paulo, Pelotas and Uberl&#226;ndia &#150; Prada produces more than 1 billion steel cans per year, a performance achieved due to a combination of attributes present in the Company&#146;s path since its foundation. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><I><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Distribution</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PRADA Distribui&#231;&#227;o processes and distributes flat steel with a diversified line of products. It supplies coils, rolls, plates, strips, blanks, metallic sheets, shapes, tubes and tiles, among other products, to the most different industries - from&nbsp; automotive to civil construction. Materials produced by PRADA Distribui&#231;&#227;o are made from hot and cold-rolled coils, hot-dip galvanized, tin plate, chrome-plated steel, uncoated, pre-painted and galvalume. PRADA Distribui&#231;&#227;o is also specialized in providing steel processing service, meeting the demand of many Brazilian companies.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>SEPETIBA TECON </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Company whose objective is to exploit the No.1 Containers Terminal of the Itagua&#237; Port, located in Itagua&#237;, State of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro. This terminal is linked to Presidente Vargas Steelworks by the Southeast railroad network, which is granted to MRS Log&#237;stica. Services agreement covers the handling and warehousing operation of containers, vehicles, steel products, among other containers washing and sanitation products and services.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>When concession is extinguished, all the rights and privileges transferred to Tecon will return to the federal government, together with Tecon&#146;s assets and those resulting from its investments in leased properties, declared reversible by the federal government, as they are deemed necessary to carry on the services granted. The reversible assets will be indemnified by the federal government by the residual value of their cost, verified in Tecon&#146;s accounting records, after deducting the depreciations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sepetiba Tecon was the winner of the auction that occurred on September 3, 1998 for the takeover of the terminal concession and this concession allows the exploitation of the aforementioned terminal for the term of 25 years, extendable for another term of 25 years.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>CSN ENERGIA </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Its main purpose is distributing and trading the surplus electric power generated by CSN and by companies, consortiums or other entities in which Company holds an interest.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TRANSNORDESTINA LOG&#205;STICA</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transnordestina has as its main purpose the exploitation and development of the public rail cargo transport service for the Northeast network of Brazil. </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 60</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transnordestina entered into a concession agreement with the Federal Government on December 31, 1997 for a period of 30 years, extendable for another equal period. The agreement allows the development of the public service of exploitation of the northeast network which comprises seven States of the Federal Government in an extension longer than 4,300 km. The concession also comprises the lease of assets of Rede Ferrovi&#225;ria Federal S.A. (RFFSA) which serve this network and include, among others, constructions, permanent tracks, locomotives, railcars, vehicles, tracks and accessories.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>When concession is extinguished, all the rights and privileges transferred to Transnordestina will return to the federal government, together with Transnordestina&#146;s assets and those resulting from its investments in leased properties, declared reversible by the federal government, as they are deemed necessary to carry on the services granted. The reversible assets will be indemnified by the federal government by the residual value of their cost, verified in Transnordestina&#146;s accounting records, after deducting the depreciations. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In May 2009, Fundo&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Investimentos do Nordeste &#150; FINOR paid up capital in Transnordestina by issuing 45,513,333 preferred shares in the amount of R$27,308, corresponding to a 6.40% interest in Transnordestina&#146;s capital stock.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 10, 2009, the Company increased Transnordestina&#146;s capital stock, with the issue of 124,831,721 common shares, which were subscribed and paid-up upon the capitalization of advance for future capital increase. As a consequence, the Company&#146;s interest in Transnordestina increased to 84.34%, whereby Transnordestina was fully merged.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In March 2010, Fundo&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Investimentos do Nordeste increased Transnordestina&#146;s capital in the amount of R$89,438. Due to this capital increase, CSN&#146;s interest on Transnordestina&#146;s total capital stock went from 84.34% to 72.56%. Transnordestina will continue to be fully consolidated and the difference of percentage not corresponding to the Company will be accounted as non controlling interest.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On May 7, 2010, 45,513,333 preferred shares were transferred and subscribed by FINOR to CSN. Due to this transfer, CSN now holds 77.02% interest in Transnordestina&#146;s capital stock.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On October 15, 2010, CSN subscribed and paid-up 174,264,420 common shares in the capital stock of Transnordestina and now holds 76.45% of the capital stock.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>ESTANHO&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>DE</FONT> ROND&#212;NIA - ERSA</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Ersa is a subsidiary based in the State of Rond&#244;nia, where it operates two units, one in the city of Itapu&#227; do Oeste and the other one in the city of Ariquemes. The subsidiary&#146;s mining operation for cassiterite (tin ore) is located in Itapu&#227; do Oeste and the casting operation from which metallic tin is obtained, which is the raw material used in UPV for the production of tin plates, is located in Ariquemes. </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>CSN CIMENTOS </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Based in Volta Redonda, State of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro, it has the production and trading of cement as its corporate purpose. CSN Cimentos use as one of its raw material the blast furnace slag from the pig iron production of the Presidente Vargas Steelworks. The Company started to operate on May 14, 2009, with capacity to produce 200 thousand tonnes of cement, monthly.</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 61</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Incorporated in 2001 with the assets and liabilities of the extinct Heartland Steel Inc., headquartered in Wilmington, State of Delaware &#150; USA, it has an industrial plant in Terre Haute, State of Indiana &#150; USA, where there is a&nbsp; complex comprising a cold rolling line, a hot pickling line for spools and a galvanization line. CSN LLC is a wholly-owned indirect subsidiary of CSN Americas.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>LUSOSIDER</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Incorporated in 1996 in succession to Siderurgia Nacional &#150; a Company privatized by the Portuguese government that year. Lusosider is the only Portuguese Company of the steel sector to produce cold-re-rolled flat steel, with a corrosion-resistant coating. The Company presents in Paio Pires an installed capacity of around 550 thousand tonnes/year to produce four large groups of steel products: galvanized plate, cold-rolled plate, pickled and oiled plate.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Products manufactured by Lusosider may be used in the packaging industry, civil construction (pipes and metallic structures) and in home appliance components.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>e)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Other investments</FONT></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>RIVERSDALE MINING LIMITED - Riversdale&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Incorporated in 1986, Riversdale Mining Limited (&#147;Riversdale&#148;) is a mining Company listed on the Australian Stock Exchange. Riversdale intends to develop a diversified mining Company, focusing on growth by investing in mining opportunities. The Company has anthracite mines in South Africa, and a metallurgical and thermal coal mine in Mozambique. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In November 2009, the Company&#146;s Board of Directors approved the acquisition by indirect subsidiary CSN Madeira Lda (currently called CSN Europe Lda) of non-controlling interest in Riversdale Mining Limited&#146;s capital stock. The acquisition comprised, at the first stage, 28,750,598 shares representing, at that time, 14.99% of Riversdale&#146;s capital stock and, on January 8, 2010, the proper Australian authorities allowed CSN Europe to conclude the second stage of the transaction, and acquire 2,482,729 shares, for the price of six Australian dollars and ten cents (A$6.10) per share.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In January 2010, with the conclusion of two stages of the operation, CSN indirectly held an interest of 16.20% of Riversdale&#146;s capital stock. Subsequently, due to the exercise of purchase options issued by Riversdale, the Company&#180;s indirect interest decreased to 15.6%.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Between July and August 2010, Riversdale issued news shares and raised funds, of which CSN Europe took part acquiring 5,602,478 new common shares, holding the total amount of 36,835,805 shares, maintaining its 15.6% interest in the capital stock of Riversdale. </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>PANATL&#194;NTICA</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On January 5, 2010, the Company&#146;s Board of Directors approved the acquisition of common shares representing 9.39% of the capital stock of Panatl&#226;ntica S.A. (&#147;Panatl&#226;ntica&#148;), a publicly-held Company, headquartered in the city of Gravata&#237;, state of Rio Grande do Sul, whose purpose is the industrialization, trade, imports, exports and processing of steel and ferrous or non-ferrous metals, coated or not. This investment is appraised at fair value.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>USIMINAS</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Usinas Sider&#250;rgicas&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Minas Gerais S.A. &#150; USIMINAS headquartered in Belo Horizonte, state of Minas Gerais, aims at exploiting the steel industry and related industries. The Company manufactures flat rolled steel at the Intendente C&#226;mara and Jos&#233; Bonif&#225;cio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Andrada e Silva Plants, located in the city of Ipatinga, state of Minas Gerais, and in the city of Cubat&#227;o, state of S&#227;o Paulo, respectively, destined to the domestic market and exports. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company owns and explores iron ore mines located in the city of Ita&#250;na, state of Minas Gerais, aiming at meeting the production costs verticalization and optimization strategies. The Company owns service and distribution centers in several regions of Brazil, besides the ports of Cubat&#227;o, state of S&#227;o Paulo, and Praia Mole, state of Esp&#237;rito Santo, strategic sites to ship its products.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company is listed at the S&#227;o Paulo Stock Exchange (&#147;Bovespa&#148;: USIM3 and USIM5). On December </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>31, 2010, CSN directly and indirectly held 4.97% of Usiminas&#146; capital stock.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><I><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>13.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INVESTMENTS IN JOINT-CONTROLLED COMPANIES</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The amounts of the balance sheet and of the statement of income of the companies whose control is shared are shown as follows. These amounts were consolidated in the Company&#146;s financial statements, in accordance with the interest described in item (a) of Note 10. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="35%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>NAMISA</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>MRS</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ITASA</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>NAMISA</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>MRS</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ITASA</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current assets</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,937,574</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,034,466</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>82,817</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,266,333</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,271,294</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>78,005</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-current assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,519,584</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,769,878</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>769,422</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,651,083</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,652,432</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>883,329</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Long-term assets</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,570,421</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>476,758</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,850</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,773,789</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>763,116</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,385</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments, property, plant and equipment and</FONT> deferred assets</FONT>&nbsp;</P>
</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>949,163</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,293,120</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>720,572</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>877,294</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,889,316</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>877,944</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Assets</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,457,158</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,804,344</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>852,239</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,917,416</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,923,726</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>961,334</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current liabilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,273,436</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,015,234</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>115,454</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>624,682</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,469,225</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>118,072</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Non-current liabilities</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,455,604</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,769,262</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>139,870</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,473,765</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,737,801</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>207,694</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Shareholders' equity</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,728,118</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,019,848</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>596,915</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,818,969</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,716,700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>635,568</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total Liabilities and Shareholders' Equity</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,457,158</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,804,344</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>852,239</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,917,416</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,923,726</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>961,334</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="35%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>NAMISA</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>MRS</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ITASA</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>NAMISA</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>MRS</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>ITASA</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=12>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net Revenue</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,937,169</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,247,101</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>222,594</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,465,327</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,275,950</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>226,453</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of goods and services rendered</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,109,067)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,326,655)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(76,600)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(889,681)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,217,982)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(73,583)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gross income (loss)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,828,102</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>920,446</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>145,994</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>575,646</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,057,968</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>152,870</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Operating (expenses) and income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(476,621)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(306,668)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(52,422)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(339,882)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(118,866)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51,677)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net financial income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,016,778</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38,243</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,890)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,073,547</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51,995)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,508)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income (loss) before income and social</FONT> contribution taxes</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,368,259</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>652,021</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,682</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,309,311</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>887,107</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>75,685</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Current and deferred income and social</FONT> contribution taxes</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(412,989)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(216,451)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,724)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(402,475)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(281,385)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,674)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net income for the year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,955,270</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>435,570</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>45,958</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>906,836</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>605,722</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>50,011</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>NACIONAL MIN&#201;RIOS &#150; NAMISA</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Headquartered in Congonhas, state of Minas Gerais, the NAMISA main purpose is the production, purchase and sale of iron ore and it sells its products mainly in the foreign market. Its main operations are developed in the municipalities of Congonhas, Ouro Preto, Itabirito and Rio Acima, state of Minas Gerais, and in Itagua&#237;, state of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In December 2008, CSN sold 2,271,825 shares of the voting capital of Nacional Min&#233;rios S.A. to Big Jump Energy Participa&#231;&#245;es S.A. ("Big Jump"), whose shareholders 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). Subsequently to this sale, Big Jump subscribed new shares, paying in cash the total of US$3,041,473 thousand, corresponding to R$7,286,154 thousand, R$6,707,886 thousand of which were recorded as goodwill at the subscription of the shares.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Due to the corporate structure of the jointly-owned subsidiary, in which an Asian Consortium holds 40% and CSN 60% and, due to the shareholders&#146; agreement entered into between the parties, CSN consolidated it in a proportional manner. </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 63</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Such shareholders' agreement provides that certain extreme situations of stalemate between the shareholders, not resolved after the procedures of mediation and negotiation between CEOs of the parties, may give rise CSN the right to exercise the purchase option and the option exercise Big Jump sale of stake ownership of Big Jump in Namisa.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Other contracts to enable this association, among them the contract for the purchase of shares and long-term operating contracts between the CSN and Namisa (Note 31), provide for certain obligations to do that, if not met or resolved in a timely manner in certain extreme situations, can give rise to the aggrieved party the right to exercise the put option or purchase, as appropriate, of the shareholding of Big Jump in Namisa.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Continuing the restructuring process of Namisa, on July 30, 2009, the jointly-controlled subsidiary merged its former parent company Big Jump Energy Participa&#231;&#245;es S.A.</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;and Brazil and Posco Japan Iron Corp. began holding a direct interest of 39.99%.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>At the merger there was no change in the participation of CSN.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS LOG&#205;STICA </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#146;s main purpose is to exploit, by onerous concession, the public rail cargo transport service in the right of way of the Southeast network, located in the stretch connecting Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro, S&#227;o Paulo and Belo Horizonte, of Rede Ferrovi&#225;ria Federal S.A. - RFFSA, privatized on September 20, 1996. In 2008, CSN transferred to Namisa 10% of its interest in MRS, and decreased this direct interest from 32.93% to 22.93%. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition to this direct interest, the Company also holds an indirect interest of 6% through Nacional Min&#233;rios S.A. &#150; Namisa, a proportionally consolidated Company, and 4.34% through International Investment Fund.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>MRS may also exploit modal transportation services regarding the rail transport and take part in developments aiming at the extension of rail transport services granted.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>To provide the services which are the purpose of the concession obtained for a 30-year period, as from December 1, 1996, and extendable for another equal period at the exclusive discretion of the grantor, MRS leased from RFFSA, for the same period of the concession, the assets necessary to operate and maintain rail cargo transportation activities.</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> When concession is extinguished, all the leased assets will be transferred to the possession of the railway operator designated in that same act.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=PT-BR face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=PT-BR face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>IT&#193; ENERG&#201;TICA S.A. - ITASA</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN holds 48.75% of the subscribed capital and the total amount of common shares issued by Itasa, a special purpose entity (SPE) originally established to make feasible the construction of the It&#225; Hydroelectric Power Plant, the contracting of the supply of goods and services necessary to carry out the venture and the obtainment of financing through the offering of the corresponding guarantees</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Itasa holds a 60.5% interest in the It&#225; Consortium, which was created for the exploitation of the It&#225; Hydroelectric Power Plant pursuant to the concession agreement of December 28, 1995, and its Addendum 1 dated July 31, 2000, entered into between the consortium holders (Itasa and Centrais Geradoras do Sul do Brasil - Gerasul, formerly called Tractebel Energia S.A.), granted by the Federal Government, by means of the Brazilian Agency for Electric Energy (ANEEL), whose maturity ends in October 2030.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In accordance with the terms provided for in the Consortium Agreement, ITASA is entitled to 60.5% of the average 668 MW, which is correspondent to the energy project apportioned among the consortium holders, while the other consortium holder, Tractebel Energia S.A. (&#147;Tractebel&#148;), will hold the remaining 39.5 %. From the Company&#146;s average 404.14 MW, the average of 342.95 MW is sold to its sharehoders at the ratio of their participation in the Company, and the average of 61.19 MW is sold to the consortium holder Tractebel.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 64</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CONSORTIUM OF THE IGARAPAVA HYDROELECTRIC POWER PLANT</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Igarapava Hydroelectric Power Plant is located in Rio Grande, 400 km from Belo Horizonte and 450 km from S&#227;o Paulo, with installed capacity of 210 MW, formed by 5 bulb-type generating units, and is considered a landmark for energy generation in Brazil.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Igarapava stands out for being the first Hydroelectric Power Plant built by a consortium of 5 large companies.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>CSN holds 17.92% of the consortium subscribed capital, whose specific purpose is the distribution of electric energy, which is distributed according to the interest percentage of each Company.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The property plant and equipment balance in 2010, net of depreciation amounts to R$32,919 (R$38,150 in 2009) and the expense amount attributed to CSN totaled R$7,333 in 2010 (R$6,442 in 2009).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>14.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PROPERTY, PLANT AND EQUIPMENT</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="38%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=13 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Land</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Buildings</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Machinery,</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>equipment and</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>facilities</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Furniture and</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>fixtures</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Work in</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>process</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other (**)</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 7px" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><U>Cost of property, plant and equipment </U></FONT></B></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on January 1, 2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>131,918</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,109,598</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,270,174</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>103,935</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,367,352</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,743,074</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,726,051</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Exchange variation effect</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,366)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(20,246)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(125,167)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,576)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(950)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,568)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(164,873)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,996,759</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,996,759</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(181)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(24,615)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,568)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(26,364)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(28,407)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(90,135)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transfer to other category of assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,493)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>391,101</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,603,859</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,179</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,242,232)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>246,586</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,507)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>589</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,334</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,830)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,811</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,397</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>126,059</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,477,765</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,724,840</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>97,304</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,089,735</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,978,496</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,494,199</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Exchange variation effect</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,659)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,914)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(31,235)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,230)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(746)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,919)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(49,703)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,635,911</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,635,911</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,754)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(302)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,501)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,129)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,686)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transfer to other category of assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,785</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>131,138</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,633,738</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,645</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,195,423)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(590,883)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Write-off from supplies to internal consumption</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(154,662)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(154,662)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other (*)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,607</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(194,344)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>101,028</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,017</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,830</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,909</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,953)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>175,792</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,411,645</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,415,617</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>129,434</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,515,806</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,237,812</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>16,886,106</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD bgColor=#eaeaea colSpan=14>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><U>Accumulated depreciation</U></FONT></B></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on January 1, 2009</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(147,187)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(961,984)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(79,135)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(465,911)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,654,217)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Exchange variation effect</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,111</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77,922</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,955</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,644</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95,632</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(51,619)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(602,726)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,912)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(133,088)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(791,345)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Losses due to impairment</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,472)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,472)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,669</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,544</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,428</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,641</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,441</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,773</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,341)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19,964)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19,091)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2009</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(188,254)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,481,346)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(74,889)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(616,363)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,360,852)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Exchange variation effect</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,739</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,473</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,180</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,546</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,938</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(74,344)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(677,266)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,469)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(36,877)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(792,956)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,689</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>280</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,889</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,858</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transfer to other category of assets</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,849</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(290,017)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(54)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>261,222</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,973</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,126)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,055)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,681</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,527)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(198,037)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,441,593)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(101,007)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(368,902)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,109,539)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Property, Plant and Equipment</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>January 1, 2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>131,918</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>962,411</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,308,190</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>24,800</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,367,352</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,277,163</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,071,834</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>December 31, 2009</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>126,059</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,289,511</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,243,494</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>22,415</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,089,735</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,362,133</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,133,347</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>December 31, 2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>175,792</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,213,608</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,974,024</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>28,427</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,515,806</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>868,910</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,776,567</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>(*) Refers mainly to the adjustment of ITASA that chose to adopt the attributed cost.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<A name="page_106"></A>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="38%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=13 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Land</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Buildings</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Machinery,</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>equipment and</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>facilities</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Furniture and</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>fixtures</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Work in</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>process</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other (**)</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><U>Cost of property, plant and equipment</U></FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on January 1, 2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>84,708</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>506,380</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,030,247</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>77,461</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,598,458</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>273,209</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,570,463</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,164,430</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,164,430</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(22,691)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,346)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21,372)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21,736)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(76,145)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transfer to other category of assets</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,493)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>227,714</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,392,428</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>883</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,631,222)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,690</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(309)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>277</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,200</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,845)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,755</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,078</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2009</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>83,215</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>733,785</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,400,261</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>73,198</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,107,449</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>274,918</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,672,826</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions through business combination</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>697</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38,896</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>233,581</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,057</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,720</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>278,951</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,549,303</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,549,303</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sales</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(588)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(280)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,419)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,684)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,971)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transfer to other category of assets</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,221</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,390</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>716,332</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,349</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(995,042)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>190,750</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Write-off from supplies to internal consumption</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(154,662)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(154,662)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,413)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,854</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,891</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,038</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,416</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>94,133</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>842,117</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,334,173</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>113,178</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,649,182</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>336,080</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,368,863</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=14>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><U>Accumulated depreciation</U></FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on January 1, 2009</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(28,444)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(515,358)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(59,865)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(76,953)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(680,620)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(26,564)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(534,296)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,828)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,330)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(571,018)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Losses due to impairment</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,472)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,472)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,307</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,346</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,759</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,412</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,566</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,402</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,204)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,728)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,964)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2009</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(52,442)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,046,945)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(57,551)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(94,724)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,251,662)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions through business combination</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,248)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(44,512)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,708)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,353)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50,821)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(20,555)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(591,130)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,385)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,712)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(622,782)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>181</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>275</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,726</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,182</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(46)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(110)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(28,856)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>648</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(28,364)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(75,291)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,682,516)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(91,225)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(87,415)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,936,447)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=14>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Property, Plant and Equipment</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>January 1, 2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>84,708</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>477,936</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,514,889</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,596</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,598,458</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>196,256</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,889,843</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>December 31, 2009</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>83,215</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>681,343</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,353,316</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,647</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,107,449</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>180,194</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,421,164</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>December 31, 2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>94,133</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>766,826</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,651,657</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>21,953</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,649,182</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>248,665</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,432,416</FONT></B>&nbsp;</TD></TR></TABLE></DIV></DIV>
<DIV style="page: WordSection13">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>&nbsp;(**) In the consolidated it refers to railway assets, such as yards, tracks and railway sleepers. In the controlling entities it also include leasehold improvements, vehicles, hardware, mines and fields and replacement storehouses.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Below, the weighted average term of depreciation (years):</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The useful life of property, plant and equipment is as follows:</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="62%"></TD>
     <TD width="18%"></TD>
     <TD width="2%"></TD>
     <TD width="18%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Buildings</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Machinery, equipment and facilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Furniture and fixtures</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The Company chose to adopt historical cost reviewing the remaining economic useful life of property, plant and equipment, estimated by external experts. Effects resulting from the evaluation, recorded as of January 1, 2010, are as follows: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Parent Company: </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Reduction in depreciation expenses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R$25,633</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Consolidated:</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 1.45pt 0pt 0in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Reduction in depreciation expenses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R$69,744</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a)</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Loan costs were capitalized in the amount of R$179,626 (R$82,713 in 2009) in the parent Company and R$215,624 (R$85,260 in 2009) in the consolidated. These costs are basically estimated for mining, cement, long steel and Transnordestina projects, mainly relating to:</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>(i)</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> Casa&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Pedra expansion</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> (ii) construction of the cement plant in the city of </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>Volta Redonda (State of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro) and of the clinker plant in the city of Arcos (State of Minas Gerais); (iii) construction of the long steel mill in the city of Volta Redonda (State of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro) and</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>(iv) </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>extension of Transnordestina railroad, which will connect the countryside of the northeast region to the ports of Suape (State of Pernambuco) and Pec&#233;m (State of Cear&#225;).</FONT></P>
</DIV>
<a name="_bclFooter106"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 66</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></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_107"></A>
<a name="_bclPageBorder107"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<a name="_bclHeader107"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Below, the capitalization rates used in borrowing costs:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 60%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD width="50%"></TD>
     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" colSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>RATES</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Specific</FONT></B><BR>
projects</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-specific</FONT></B><BR>
projects</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TJLP + 1.3% and 3.2%</FONT>&nbsp;<BR>
<FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>UM006 + 2.7%</FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7.44%</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b)</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The additions of depreciation,</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> amortization and depletion</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> for the period are presented as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="49%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Production cost</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>770,542</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>747,164</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>614,679</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>559,628</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sales expenses</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,471</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,250</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,021</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,988</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>General and administrative expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,156</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,738</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,152</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,471</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>806,169</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>780,152</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>627,852</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>572,087</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>c)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>CSN leases information technology equipment under several agreements and contracts as operating lease. Total expenses in 2010 added up to R$4,446 (R$3,731 in 2009).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>d)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Itasa, CSN subsidiary, which chose to adopt attributable cost, adjusting opening balance sheets on the transition date as of January 1, 2009 for its fair values, estimated by external experts. The need to apply the attributable cost option was mainly due to the economic environment they operate and other particularities of the Company&#146;s businesses. The effect in the parent Company was a reduction in the amount of R$36,232 recorded under shareholders&#146; equity.</FONT></P>
<P style="MARGIN: 0in 0in 0in 35.4pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>15.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INTANGIBLE ASSETS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="56%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=9 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center>&nbsp; <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Goodwill </FONT></B></TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Intangible with</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>definite useful</FONT></B><BR>
life</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center>&nbsp; <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Software</FONT></B></TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center>&nbsp; <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other</FONT></B></TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><U>Acquisition cost</U></FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on January 1, 2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>743,469</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>49,909</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>43,089</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>836,467</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions and expenses</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,628</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,628</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Deferred income and social contribution taxes on goodwill of reverse </FONT><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>merger in the subsidiary (**)</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(39,462)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(39,462)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2009</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>704,007</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>49,909</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>48,717</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>802,633</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions and expenses</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,239</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 15px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,002</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,241</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>704,007</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>49,909</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>73,933</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 15px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,002</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>828,851</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><U>Amortization</U></FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on January 1, 2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(257,172)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(34,936)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(17,563)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(309,671)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,991)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 4px" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,275)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,266)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Impairment</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 2px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,137)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,137)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2009</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(280,309)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(39,927)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(24,838)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(345,074)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,991)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,353)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21,344)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance at the end of the period</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(280,309)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(44,918)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(41,168)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(366,395)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=10>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net intangible assets</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>January 1, 2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>486,297</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14,973</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,526</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>526,796</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>December 31, 2009</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>423,698</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,982</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>23,879</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>457,559</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>December 31, 2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>423,698</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,991</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>32,765</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 15px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,002</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>462,456</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Transfer relating to deferred Income Tax/Social Contribution.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 67</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Concession intangible asset with definite useful life refers to the amount originally paid by shareholders, whose economic fundamental was the expectation of future result due to the concession right incorporated by the Company. Amortization is calculated by the straight-line method at 10% p.a.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="59%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Goodwill</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Software</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Acquisition cost</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on January 1, 2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>206,928</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,327</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>224,255</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions and expenses</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,846</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,846</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Goodwill in the reverse merger in the subsidiary (*)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76,599</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76,599</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2009</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>283,527</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20,173</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>303,700</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisitions and expenses</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,332</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,332</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>283,527</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>21,482</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>305,009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amortization</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on January 1, 2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(183,790)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(4,416)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(188,206)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,763)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,763)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Impairment</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,137)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,137)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2009</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(206,927)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(8,179)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(215,106)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,784)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,784)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disposals</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(206,927)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(11,940)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(218,867)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #ffffff" colSpan=6>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net intangible assets</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>January 1, 2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>23,138</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,911</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>36,049</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>December 31, 2009</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>76,600</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,994</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>88,594</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>December 31, 2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>76,600</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,542</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>86,142</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(**)The Company carried out a recoverability study for the tax benefit on goodwill resulting from the acquisition of subsidiaries, finding unnecessary to record impairment on such assets for fiscal year 2010. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Software useful life is 5 years. Annual depreciation rate is 20%.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Goodwill: </FONT></B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The goodwill economic basis is the expected future profitability and, in accordance with the new pronouncements, these amounts are not amortized as from January 1, 2009, when they started to be subject only to impairment tests, which did not result in impairment charges.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 60%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD width="60%"></TD>
     <TD width="1%"></TD>
     <TD width="19%"></TD>
     <TD width="1%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Goodwill from investments</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance in<BR>
2010</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Investee</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Galvasud</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,091</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prada</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,509</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Subtotal Parent Company</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>76,600</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>NAMISA</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px"><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CFM</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>339,615</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Namisa</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cayman do Brasil</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,483</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Namisa</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total consolidated</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>423,698</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=left>&nbsp; </TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Goodwill test for impairment</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>For impairment test purposes, the goodwill is allocated to CSN&#146;s operational divisions which represent the lowest level inside the Company in which goodwill is monitored for in-house management purposes, never above the Operational segments.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
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     <TD width="37%"></TD>
     <TD width="1%"></TD>
     <TD width="20%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
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     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cash generating unit</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp; <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Segment</FONT></B></TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/09</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining (Namisa)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>347,098</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>347,098</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>347,098</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ersa</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,137</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Packaging</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Steel</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,509</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,509</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>96,227</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Flat steel</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Steel</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,091</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,091</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19,835</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>423,698</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>423,698</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>486,297</FONT></B>&nbsp;</TD></TR></TABLE></DIV></DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The recoverable value of the Packaging Cash Generating Unit (CGU) was based on its value in use with the assistance of independent appraisers, which was used for impairment test, as the following criteria have been met:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN-LEFT: 14.2pt; MARGIN-RIGHT: 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>No significant changes occurred in assets and liabilities;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN-LEFT: 14.2pt; MARGIN-RIGHT: 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The calculation resulted in a recoverable value that substantially exceeded the book value at CGU;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN-LEFT: 14.2pt; MARGIN-RIGHT: 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>There is no evidence or facts and circumstances showing the loss of assets in use from the date of &nbsp;last valuation prepared by independent appraisers.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The recoverable value of Cash Generating Units (&#147;UCG&#148;) Mining (Namisa) is above the book value and was determined based on the discounted cash flow, at a discount rate net of income and social contribution taxes of 9.72% p.a. in US dollars, considering long-term contracts for the purchase of iron ore maturing in 2042. Revenue from the sale of iron ore under these long-term contracts was limited to contractual amounts.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The recoverable value of Cash Generating Units mentioned above (except for Packages and Mining) was determined based on discounted cash flows and is above the book value. The projections used are based on budgets approved by CSN&#146;s Board of Directors and consider the following items:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN-LEFT: 14.2pt; MARGIN-RIGHT: 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Average Gross Margin of each &nbsp;Cash Generating Units based on track record and projections approved by the Board for the next 3 years; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN-LEFT: 14.2pt; MARGIN-RIGHT: 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Costs updates based on inflation projections in the long term;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN-LEFT: 14.2pt; MARGIN-RIGHT: 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Annual discount rate of 11.92% before income tax and social contribution;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN-LEFT: 14.2pt; MARGIN-RIGHT: 0in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;Average growth rate used in extrapolated cash flows after the budgeted period of 0.5% p.a.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Management determined the budgeted gross margin based on the past performance and market growth expectations. Cash flow amounts after 3 years were extrapolated based on estimated growth rates and based on projections included in specific reports of the sector.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>During 2009, given the reduction &nbsp;of production for strategic purposes, the Cash Generating Units Ersa registered losses due to a R$23.137 reduction in the recoverable amount. This loss was fully allocated to the goodwill and registered under other operating expenses.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Based on these assumptions, no impairment was identified in the aforementioned cash generating units.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 69</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>16.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>LOANS, FINANCING AND DEBENTURES</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging">&nbsp;</P>
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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
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<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=9 align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=9 align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Parent Compan</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Current liabilities</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Non-current liabilities</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Current liabilities</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Non-current liabilities</FONT></B>&nbsp;</TD></TR>
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     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Rates (%)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Rates (%)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>FOREIGN CURRENCY</FONT></B>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Advance of Exchange Agreement (ACC)</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>4.35% and 4.98%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>233,837</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>4.35% and 4.98%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>233,837</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f8f8f8 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Prepayment</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1.24% to 3.50%</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>473,255</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>309,437</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,840,269</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,872,698</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1.24% to 3.50%</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>473,485</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>59,136</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,006,889</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,357,726</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Prepayment</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3.51% to 7.50%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>138,210</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>522,116</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3.51% to 7.50%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>372,519</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>515,008</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,454,688</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,729,647</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f8f8f8 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Prepayment</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>7.51% to 10.00%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>15,596</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>16,298</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>366,564</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>383,064</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Perpetual bonds</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>7.00% and 9.50%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,268</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>26,191</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,666,200</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,305,900</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Fixed rate notes</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6.50% to 9.75%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>76,006</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>29,339</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,832,260</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,263,560</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1.50% to 5.65%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,613</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>683,217</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,949,345</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,110,892</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Fixed rate notes</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>10.50%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>32,074</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>33,518</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>666,480</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>696,480</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>9.13%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>7,349</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>7,679</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>999,720</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,044,720</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Import financing</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3.52% to 6.00%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>57,293</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>42,107</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>59,322</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>80,481</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3.52% to 6.00%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>31,626</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>20,242</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>23,437</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>16,613</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Import financing</FONT>&nbsp;</TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6.01% to 8.00%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>16,849</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>38,041</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>24,396</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>41,679</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6.01% to 8.00%</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>16,849</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>38,041</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>24,396</FONT>&nbsp;</TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>41,679</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>BNDES/Finame</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Int. rate Res. 635/87 +</FONT><BR>
<FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1.70% and 2.70%</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>20,085</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>19,796</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>55,256</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>75,241</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Int. rate Res. 635/87</FONT><BR>
<FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>+ 1.70% and 2.70%</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>17,875</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>17,479</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>50,148</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>67,615</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Other</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3.30% and 4.19% and</FONT><BR>
<FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5.37% and CDI + 1.20%</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>85,790</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>27,826</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>103,587</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>126,870</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Libor 6M + 2.25%</FONT><BR>
<FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>and 4.00%</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>34,603</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>28,204</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>68,504</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>74,887</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>901,830</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>760,092</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>8,769,886</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>7,462,909</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>976,515</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,619,141</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,943,691</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,826,843</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=20>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD colSpan=20 align=left><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>LOCAL CURRENCY</FONT></B></TD></TR>
<TR>
     <TD colSpan=20>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>BNDES/Finame</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>TJLP + 1.50% to 3.20%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>308,968</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>280,802</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,907,596</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,634,920</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>TJLP + 1.50% to</FONT><BR>
<FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3.20%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>196,176</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>181,348</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>910,961</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>953,492</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Debentures</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>103.60 % CDI and</FONT><BR>
<FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>9.40% + IGPM and</FONT><BR>
<FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1.00% + TJLP</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>41,750</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>30,659</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,760,846</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>624,570</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>103.60 % CDI</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>26,755</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>21,592</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>600,000</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>600,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Prepayment</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>104.80% and 109.50 %</FONT><BR>
<FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CDI</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>64,216</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>31,217</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,400,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,400,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>104.80% and</FONT><BR>
<FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>109.50 % CDI</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>38,266</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>31,217</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,400,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,400,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CCB</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>112.50% CDI</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,354</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>19,782</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,000,000</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>112.50% CDI</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,354</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>19,782</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>3,000,000</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,000,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Intercompany</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100.50% to</FONT><BR>
<FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>105.50% CDI</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,155,991</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Other</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100% IGPDI and 106%</FONT><BR>
<FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>CDI and CDI + 0.29%</FONT><BR>
<FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>and 5% and 14%</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>26,443</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>18,489</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>23,303</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>93,444</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>100% IGPDI</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,744</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,570</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>6,964</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>7,833</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>442,731</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>380,949</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>10,091,745</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5,752,934</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,420,286</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>255,509</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>5,917,925</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>4,961,325</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=left><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Total loans and financing</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=left>&nbsp; </TD>
     <TD vAlign=center align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,344,561</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,141,041</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>18,861,631</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>13,215,843</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD vAlign=center align=left>&nbsp; </TD>
     <TD vAlign=center align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,396,801</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,874,650</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>12,861,616</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>11,788,168</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Transaction costs</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(35,929)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(27,121)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(80,816)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(62,162)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(30,454)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(23,568)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(44,614)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>(56,060)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=left><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>Total loans and financing + transaction</FONT></B> costs</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=left>&nbsp; </TD>
     <TD vAlign=center align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,308,632</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,113,920</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>18,780,815</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>13,153,681</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD vAlign=center align=left>&nbsp; </TD>
     <TD vAlign=center align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>2,366,347</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>1,851,082</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>12,817,002</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=center align=right><B><FONT style="FONT-SIZE: 6pt" face=Arial,sans-serif>11,732,108</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On December 31, 2010, funding transaction costs are as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="17%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=17 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short-term</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=11 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-term</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2012</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2013</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2014</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>After 2015</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TJ </FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></SUP></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TIR </FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></SUP></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed rate notes</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,900</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,155</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,786</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,920</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,219</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,068</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,162</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,5% at&#233; 10%</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,75% at&#233; 10,7%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BNDES</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>637</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,602</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,763</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>403</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>334</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>300</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,802</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,3% at&#233; 1,7%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,44% at&#233; 7,39%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BNDES</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,578</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,440</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,578</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,578</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>284</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,2% at&#233; 3,2%</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,59% at&#233; 9,75%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pre-payment</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,590</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,089</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,591</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,591</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,928</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,750</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,229</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>109,50% e 110,79% CDI</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,08% at&#233; 12,44%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pre-payment</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>676</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,461</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>676</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>676</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>676</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>578</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>855</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,37% e 3,24%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,68% at&#233; 4,04%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CCB</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,765</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,881</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,727</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,154</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113,5% at&#233; 117,5% CDI</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,33% at&#233; 12,82%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>783</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>188</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>188</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,6% CDI</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12.59%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>35,929</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>80,816</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>32,309</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14,322</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,441</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,696</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20,048</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=17 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short-term</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=11 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-term</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2012</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2013</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2014</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>After 2015</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TJ </FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1)</FONT></SUP></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TIR </FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2)</FONT></SUP></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed rate notes</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>701</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,403</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>701</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>702</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.75%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.01%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BNDES</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>403</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,242</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>403</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>403</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>334</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>300</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,802</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,30% at&#233; 1,70%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,44% at&#233; 7,39%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BNDES</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,453</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,149</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,453</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,453</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>243</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,2% at&#233; 3,2%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,59% at&#233; 9,75%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepayment</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,841</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,861</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,841</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,841</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,179</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>109,50% CDI</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.08%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prepayment</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,891</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>509</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>855</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,37% e 3,24%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,68% at&#233; 4,04%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CCB</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,765</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,881</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,727</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,154</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>112,5% CDI</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,33% at&#233; 12,82%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>782</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>187</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>187</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,6% CDI</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12.59%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>30,454</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>44,614</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,821</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,062</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>5,265</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>809</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,657</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>TJ &#150; contractual annual interest rate</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>TIR &#150; internal return annual rate</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
</DIV>
<a name="_bclFooter110"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 70</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></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_111"></A>
<a name="_bclPageBorder111"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<a name="_bclHeader111"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On December 31, 2010, the principal of long-term loans, financing and debentures presents the following composition, by year of maturity:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="44%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2012</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,165,803</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.5%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,083,976</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16.2%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2013</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,088,254</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.1%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,574,384</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20.0%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2014</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,947,418</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.3%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,074,421</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16.1%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2015</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,187,899</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.6%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,463,610</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.2%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2016</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,221,853</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.8%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,732,319</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13.5%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>After 2016</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,584,204</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34.9%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,932,906</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.0%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Perpetual bonds</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,666,200</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8.8%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,861,631</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.0%</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,861,616</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.0%</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>In September 2009, the Company issued bonds amounting to US$750 million through subsidiary CSN Islands XI Corp., which are due in September 2019 and pay 6.875% p.a., and interest rates paid twice a year as of March 2010. The Issuer may redeem the transaction in advance, with the payment of premium to the bonds&#146; creditors.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>In July 2010, the Company issued bonds amounting to US$1 billion through its subsidiary CSN Resources, which are due in July 2020 and pay 6.5% p.a., its interest rates are paid twice a year as of January 2011. The Issuer may redeem the transaction in advance, with the payment of premium to the bonds&#146; creditors.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.5in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>In September 2010, the Company issued bonds amounting to US$1 billion through subsidiary CSN Islands XII Corp. These indefinite maturity bonds pay 7% p.a. and&nbsp; interest rates will be paid quarterly as of December 2010, and the issuer has the option to redeem the transaction at its face value in any maturity date for the interest as of September 23, 2015 (including).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On October 14, 2010, the Company fully redeemed Guaranteed Perpetual Bonds issued in 2005, through its wholly-owned subsidiary CSN Islands X Corp., guaranteed by CSN, at a 9.50% p.a. interest rate and amounting to US$750 million, plus the accrued interest rates and not paid up to the redemption date and any additional amounts payable regarding the Guaranteed Perpetual Bonds.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The collateral provided for loans comprise fixed asset items, sureties, bank guarantees and securitization operations (exports), as shown in the following table and do not include the guarantees provided to subsidiaries and jointly-owned subsidiaries. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="60%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Property, plant and equipment</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47,985</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47,985</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Personal guarantee</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>74,488</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>74,612</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Imports</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,820</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,964</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Securitization (exports)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>288,338</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>206,125</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>432,631</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>370,686</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 71</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name="page_112"></A>
<a name="_bclPageBorder112"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<a name="_bclHeader112"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The following table shows the amortization and funding in the current period:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="45%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Opening balance</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,356,884</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,983,153</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,662,818</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,064,803</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Funding</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,789,548</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,671,696</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,663,709</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,946,354</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Amortization</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,897,405)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,775,593)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,393,173)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,457,822)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other (*)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>957,165</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,522,372)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,325,063</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,890,517)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Closing balance</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20,206,192</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14,356,884</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>15,258,417</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,662,818</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>(*) Including exchange and monetary variations.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>a) Loans and financing with certain agents contain covenants, with which the Company is in compliance on December 31, 2010. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>DEBENTURES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i. Companhia Siderurgica Nacional</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<H1 style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" face=Arial,sans-serif>Fourth issue</FONT></B></H1>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As approved at the Board of Directors Meeting held on December 20, 2005 and ratified on April 24, 2006, the Company issued, on February 1, 2006, 60,000 non-convertible and unsecured debentures, in one single tranche, with a unit face value of R$10. These debentures were issued in the total issuance value of R$600,000. The credits from the negotiations with the financial institutions were received on May 3, 2006.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Compensation interest is applied on the face value of these debentures corresponding to 103.6% of the Clearing House for the Custody and Financial Settlement of Securities (Cetip) Interbank Deposit Certificate (CDI), and the maturity of the face value is scheduled for February 1, 2012, with early redemption option. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii. Transnordestina Log&#237;stica </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On March 10, 2010, Transnordestina Log&#237;stica S.A., obtained from the Northeast Development Bank (FDNE), approval for the issue of the 1<SUP>st</SUP> series of its 1<SUP>st</SUP> Private Issue of debentures convertible into shares, totaling ten tranches amounting to R$2,672,400. The first, third, fourth, seventh and ninth tranches refer to funds to be invested in module Miss&#227;o Velha &#150; Salgueiro &#150; Trindade and Salgueiro &#150; Port of Suape, which also includes investments in Port of Suape and reconstruction of stretch Cabo &#150; Porto Real&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Col&#233;gio. The second and fifth tranches refer to funds to be invested in module Eliseu Martins &#150; Trindade. The sixth, eighth and tenth tranches refer to funds to be invested in module Miss&#227;o Velha &#150; Pec&#233;m, which also includes investments in Port of Pec&#233;m. The second and third tranches were fully subscribed and paid-up according to the dates and amounts shown below:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
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<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Issue</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Series</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>General</FONT></B><BR>
Meeting</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Number</FONT></B><BR>
Issued</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Unitary</FONT></B><BR>
Face Value</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Issue</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Charges</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance</FONT></B><BR>
2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>st</FONT></SUP></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>st</FONT></SUP></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>02/08/10</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>336,647,184</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$ 1.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>09/03/10</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>03/10/27</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TJLP + 0.85% p.a</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 3px" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>336,647</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>st</FONT></SUP></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>nd</FONT></SUP></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>02/08/10</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>350,270,386</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$ 1.00</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25/11/10</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>03/10/27</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TJLP + 0.85% p.a</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 3px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>350,270</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>st</FONT></SUP></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3</FONT></B><B><SUP><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>rd</FONT></SUP></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>02/08/10</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>338,035,512</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$ 1.00</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>01/12/10</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>03/10/27</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TJLP + 0.85% p.a</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 3px" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>338,036</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>17.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>FINANCIAL INSTRUMENTS </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.95pt"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>I - Identification and valuation of financial instruments</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>The Company operates with several financial instruments, from which the most relevant are funds available, including financial investments, securities, trade accounts receivable, accounts payable to suppliers and loans and financing. In addition, the Company also operates with derivative financial instruments, especially exchange swap and interest rate swap operations.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.95pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>Considering the nature of instruments, the fair value is basically determined by using market prices in Brazil and abroad and prices at the Commodities and Futures Exchange. The amounts recorded in current assets and liabilities either have acid test ratio or are mostly due in three-month periods or less. Given the term and characteristics of these instruments, which are systematically renegotiated, book values are close to fair values.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Classification of financial instruments </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
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<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=9 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=9 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated - R$ thousand</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Available-</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>for-sale</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>through profit</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>and loss</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Loans and</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>receivables -</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>effective rate</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other liabilities -</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amortized cost</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>method</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><STRONG><FONT size=1 face=Arial>Balances</FONT></STRONG></TD>
     <TD vAlign=center align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Available-</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>for-sale</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>through profit</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>and loss</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Loans and</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>receivables -</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>effective rate</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other liabilities -</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amortized cost</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>method</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balances</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,239,278</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,239,278</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,970,791</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea 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: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net accounts receivable</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,259,461</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,259,461</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,186,315</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD 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: 12px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guarantee margin of financial instruments</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,485</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,485</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>115,949</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>115,949</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Securitization reserve fund</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,644</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,644</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91,703</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>91,703</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #eaeaea" colSpan=21>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #eaeaea; TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other receivables</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,731</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>73,731</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,952</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,952</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,102,112</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,102,112</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>319,727</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>319,727</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Securitization reserve fund</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,031</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,031</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,389</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,389</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #ffffff" colSpan=21>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 6px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loans and financing</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,302,811</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,302,811</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,110,382</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea 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: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Debentures</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,750</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,750</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,659</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,659</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivatives</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,407</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,407</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77,147</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77,147</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Suppliers</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>521,156</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>521,156</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>504,223</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>504,223</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loans and financing</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,100,785</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,100,785</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,591,273</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD 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: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Debentures</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,760,844</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,760,844</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>624,570</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>624,570</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivatives</FONT>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>263</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>263</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,730</FONT>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,730</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Fair value measuring </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial instruments recorded at their fair value require the disclosure of fair value measurement in three hierarchical levels:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Level 1: prices stated (unadjusted) in current markets for identical assets and liabilities </FONT></P>
<P style="MARGIN: 0in 0in 0pt 20.9pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Level 2: Other information available, except that of level 1, which is noticeable to assets or liabilities, directly (with prices) or indirectly (resulting from prices). </FONT></P>
<P style="TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0in 21.3pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Level 3: Available information due to little or none market activity, which is significant to set assets fair value.&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0in 35.4pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 35.4pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0in 35.4pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 73</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The table below shows financial instruments recorded at fair value, using the evaluation method:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT face=Arial></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="28%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 14px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated - R$ thousand</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Level 1</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Level 2</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Level 3</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balances</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Level 1</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Level 2</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Level 3</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balances</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea colSpan=17 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Available-for-sale financial assets</FONT></B> <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investments</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,102,112</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,102,112</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>319,727</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>319,727</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #eaeaea" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" colSpan=17 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial liabilities at fair value through profit and loss</FONT></B> <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivatives</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,407</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,407</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD style="TEXT-INDENT: 2px" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77,147</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77,147</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #ffffff" colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 7px" bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non-current</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivatives</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>263</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>263</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,729</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,729</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Instruments related to other price fluctuation risks for financial assets</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>II - Cash and cash equivalents, financial investments, accounts receivable, other current assets, suppliers, accounts payable and other current liabilities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.95pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>Amounts that are accounted for in the financial statements by their book value are substantially similar to those which would be reached in case they were traded in the market. Fair values of other long-term assets and liabilities are not significantly different from their book values, except for the amounts below.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.95pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>The estimated fair value for consolidated long-term loans and financing was calculated at market rates in force, considering the nature, term and risks similar to those of registered contracts, compared below:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="45%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Book Value</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Market Value</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Book Value</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Market Value</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Perpetual bonds</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 6px" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,668,468</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,663,701</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 4px" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,332,091</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,317,327</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed Rate Notes</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 6px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,605,997</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,966,629</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 4px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,022,138</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,283,359</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>III &#150; Investments in available-for-sale securities and measured at fair value through profit and loss</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>These mainly represent investments in shares acquired in Brazil and abroad from first-tier companies rated by international rating agencies as investment grade, which are recorded in non-current assets and gains and eventual losses are recorded in shareholders&#146; equity, remaining there until the effective realization of these securities, or when an eventual loss is deemed impaired. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial assets measured at fair value through profit and loss are recorded under current assets and gains and eventual losses are recorded as financial revenue and expenses respectively.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>IV - Financial risk management policy</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>The Company has and follows a risk management policy that provides guidance on the risks incurred by the Company. According to this policy, the nature and general position of financial risks is regularly monitored and managed with the purpose of evaluating results and the financial impact on cash flow. Credit limits and the quality of the counterparties&#146; hedge are also periodically revised. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.95pt"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>The risk management policy was established by the Board of Directors. According to this policy, market risks are hedged when it is considered necessary to support the corporate strategy or when it is necessary to maintain the financial flexibility level.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.95pt"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>Under the risk management policy, the Company manages some risks by using derivative instruments. The Company&#146;s risk policy forbids speculative negotiations and short sale.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.95pt"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Liquidity risk</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This is the risk that the Company might not have sufficient cash to honor its financial commitments, due to term or volume mismatch between receipts and expected payments.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In order to manage cash liquidity in domestic and foreign currency, disbursement and future receipts assumptions were established and are daily monitored by the Treasury. Payment schedules for long-term installments of loans, financings and debentures are presented in Note16.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Below are the contracted financial liabilities maturities, including the payment of estimated interest.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
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     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>December 31. 2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Less than 1 year</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1 -2 years</FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2 - 5 years</FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Over 5 years</FONT></B></TD></TR>
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     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loans, financing and debentures</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,344,561</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,254,057</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,357,168</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,250,406</FONT>&nbsp;</TD></TR>
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     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,407</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>263</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Suppliers</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>521,156</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD></TR>
<TR>
     <TD colSpan=8>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>December 31. 2009</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loans, financing and debentures</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,141,041</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,864,415</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 3px" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,150,017</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,201,411</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derivative financial instruments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77,147</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,729</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Suppliers</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>504,223</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exchange rate risk</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company evaluates its exposure to exchange rate risk by subtracting its liabilities from its assets in US dollar, Euro and Iene, recording its net exposure to exchange risk, which is effectively the exposure risk in foreign currency. Therefore, in addition to accounts receivable from exports and investments abroad that are economically natural hedge instruments, the Company evaluates and uses several financial instruments, such as derivative instruments (swap, dollar x real, future exchange contracts) to manage its exposure to exchange rate variation risks of the real against U.S. dollar</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Policies for the use of hedging derivatives</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#146;s financial policy reflects the liquidity parameters, credit and market risk approved by the Audit Committee and Board of Directors. The use of derivative instruments, with the purpose of preventing interest rate and foreign exchange rate fluctuations from having a negative impact on the Company&#146;s balance sheet and statement of income, should comply with the same parameters. Pursuant to internal rules, this financial investment policy was approved and is managed by the Board of Executive Officers. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As a routine, the Board of Executive Officers presents and discusses, at the meetings of the Board of Executive Officers and Board of Directors, the Company&#146;s financial positions. Pursuant to the Bylaws, significant amount operations require previous approval by the Company&#146;s Management. The use of other derivative instruments is subject to prior approval by the Board of Directors. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In order to finance its activities, the Company often resorts to capital markets, either domestic or international ones, and due to the debt profile it seeks, part of the Company&#146;s debt is pegged to foreign currency, mainly to the U.S. dollar, which motivates the Company to seek hedge for its indebtedness through derivative financial instruments. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In order to contract financial instruments and derivatives with the purpose of hedge in compliance with the structure of internal controls, the Company adopts the following policies:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 75</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>continuous ascertainment of the exchange exposure, which occurs by means of the assessment of assets and liabilities exposed to foreign currency, within the following terms: (i) accounts receivable and payable in foreign currency; (ii) cash and cash equivalents and debt in foreign currency</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>, considering </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN color=black face=Arial,sans-serif>the maturity of assets and liabilities exposed to exchange rate fluctuation;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>presentation of the financial position and foreign exchange exposure, as a routine, at meetings of the Board of Executive Officers and of the Board of Directors which approve this hedging strategy; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>contracting of hedge derivative operations only with first-tier banks, diluting the credit risk due to diversification of these banks;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The consolidated net exposure to the foreign exchange rate on December 31, 2010 is shown as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="75%"></TD>
     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(amounts in US$</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>thousand)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cash and cash equivalents abroad</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,239,578</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Margin of derivative guarantee</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>152,734</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Trade accounts receivable - foreign market clients</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>96,584</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Securitization reserve fund</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,814</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other assets</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>130,645</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total assets</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,652,355</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loans and financing</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,734,873)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Suppliers</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,795)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other liabilities</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(59,981)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(5,802,649)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross exposure</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,150,294)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Notional value of contracted derivatives</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,249,529</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net exposure</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>99,235</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The results obtained with these operations are in accordance with the policies and strategies defined by the Management. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Real-U.S. Dollar Commercial Exchange Rate Futures Contract</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>It seeks to hedge foreign-denominated liabilities against the Real variation. The Company may buy or sell commercial U.S. dollar futures contracts on the Commodities and Futures Exchange (BM&amp;F) to mitigate the foreign currency exposure of its US dollar-denominated liabilities. The specifications of the Real-U.S. dollar exchange rate futures contract, including detailed explanation on the contracts&#146; characteristics and calculation of daily adjustments, are published by BM&amp;F and disclosed on its website (www.bmf.com.br). In 2010, the Company paid R$179,564 and received R$259,490 in adjustments, thus having a gain of R$79,926. Gains and losses from these contracts are directly related to the currency fluctuations. On December 31, 2010, the Company did not have outstanding transactions.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exchange swap transactions </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company carries out exchange swap operations, aiming to protect its assets and liabilities of possible US dollar/Brazilian real fluctuations. Said exchange swap protection provides the Company, through the contract long position, FRA (Forward Rate Agreement) exchange coupon gain, which at the same time improves investment rates and reduces fundraising in the foreign market. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 31, 2010, the Company held an exchange swap long position of US$1,178,000 thousand &nbsp;(US$1,519,500 thousand in 2009), where it was received, from the long position, exchange variation over 2.29% per year on average (in 2009 exchange variation over 0.88% per year), and paid 100% of CDI in the exchange swap contract short position.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 31, 2010, the consolidated position of these contracts is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i) Outstanding operations</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="24%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="20%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="10%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp; </TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><STRONG><FONT size=1 face=Arial>Notional value (US$ thousand)</FONT></STRONG>&nbsp;</TD>
     <TD align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><STRONG><FONT size=1 face=Arial>Valuation 2010<BR>
(R$ thousand)</FONT></STRONG>&nbsp;</TD>
     <TD align=center><STRONG><FONT size=1 face=Arial></FONT></STRONG></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(market)</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount payable</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>in the year (R$</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>thousand)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13 align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Counterparties</FONT></STRONG>&nbsp;</TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center>&nbsp; <STRONG><FONT size=1 face=Arial>2010</FONT></STRONG>&nbsp;</TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center>&nbsp; <STRONG><FONT size=1 face=Arial>Operation maturity</FONT></STRONG>&nbsp;</TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-term </FONT></B><BR>
position</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short-term</FONT></B><BR>
position</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center>&nbsp;<STRONG><FONT size=1 face=Arial>2010</FONT></STRONG>&nbsp; </TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><STRONG><FONT size=1 face=Arial>Amount payable</FONT></STRONG>&nbsp;&nbsp; </TD></TR>
<TR>
     <TD colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>HSBC</FONT></I>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD style="TEXT-INDENT: 1px" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>223,000</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>01/03/11</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>372,794</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(385,900)</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,106)</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,106)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Deutsche Bank</FONT></I>&nbsp;</TD>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>265,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>01/03/2011 to 02/01/2011</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>443,143</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(468,544)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,401)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,401)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Itau BBA</FONT></I>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD style="TEXT-INDENT: 1px" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>450,000</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>01/03/11</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>751,835</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(778,892)</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(27,057)</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(27,057)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Santander</FONT></I>&nbsp;</TD>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>110,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>01/03/2011 to 01/02/2015</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>183,787</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(190,395)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,608)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,608)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Goldman Sachs</FONT></I>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>130,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>01/03/2011 to 01/02/2015</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>215,302</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(224,658)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,356)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,356)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,178,000</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,966,861</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,048,389)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(81,528)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(81,528)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii) Settled operations</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="20%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center>&nbsp; </TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional value (US$</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>thousand)</FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Valuation 2010</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Valuation 2009</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value (market)</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$</FONT></B> thousand)</FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount paid/received in the</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>year (R$ thousand)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=21 align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterparties</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-term</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short-term</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-term</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short-term</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>received</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount paid</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=21>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Deutsche Bank</FONT></I>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>983,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,740,799</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,748,563)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,764)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,170</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,934)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Goldman Sachs</FONT></I>&nbsp;</TD>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,132,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>300,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,857,227</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,845,925)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>523,270</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(527,928)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,302</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,658)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,579</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(38,619)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>HSBC</FONT></I>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,680,500</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,442,985</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,587,554)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(144,569)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,266</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(161,835)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Itau BBA</FONT></I>&nbsp;</TD>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,890,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>130,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,081,102</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,111,321)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>226,753</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(228,968)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,219)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,215)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>64,845</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(92,849)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Santander</FONT></I>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,601,220</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,024,500</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,285,964</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,292,883)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,788,212</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,824,172)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,919)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(35,960)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>131,592</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(102,551)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Westlb</FONT></I>&nbsp;</TD>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>265,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>65,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>475,789</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(491,788)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113,379</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(114,569)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,999)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,190)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,809)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14,551,720</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,519,500</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,883,866</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(26,078,034)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,651,614</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,695,637)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(194,168)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(44,023)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>274,452</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(424,597)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The net position of the aforementioned contracts is recorded in a specific derivative account 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&#146;s financial result as loss in the amount of R$231,673. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The subsidiaries Tecon and Lusosider maintain derivative operations to hedge against Yen and US Dollar exposures. The notional value of these operations are JPY 2,390,398 and US$3,065 respectively and the results of these operations are consolidated in the Company&#146;s results in the amount of R$11,387. As of December 31,2010, the net liability position was R$ 8,042. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The jointly-owned subsidiary MRS Log&#237;stica has derivative (swap) operations with a notional of US$71,529 which caused proportional losses to the Company&#146;s interest, in the amount of R$19,775 recognized in CSN&#146;s consolidated financial results. On December 31, 2010, the net liability position was R$ 27,517.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition to the swaps above mentioned, the Company also made NDFs (Non Deliverable Forward) of its assets in Euros. Basically, the Company realized financial derivatives of its assets in Euros, from which it will receive the difference between the exchange variation in U.S. dollars observed in the period, multiplied by the notional value (long position) and pays the difference between the exchange variation in Euros observed in the period, over the notional value in Euros on the agreement date (short position). These are over-the-counter Brazilian market operations, and first-tier financial institutions are the counterparties, contracted within exclusive funds.</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 77</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name="page_118"></A>
<a name="_bclPageBorder118"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<a name="_bclHeader118"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 31, 2010, the consolidated position of these agreements was as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>i)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Outstanding transactions</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="21%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="18%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center>&nbsp; </TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional value</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(EUR thousand)</FONT></B></TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Valuation - 2010</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B></TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(market)</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B></TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>receivable in the</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>year (R$</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>thousand)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD vAlign=center colSpan=13 align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterparties</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operation</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>maturity</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-term</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short-term</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>receivable</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Deutsche Bank</FONT></I>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/20/2011</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>56,648</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(55,707)</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>941</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>941</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Goldman Sachs</FONT></I>&nbsp;</TD>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/20/2011</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113,295</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(111,415)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,880</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,880</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>HSBC</FONT></I>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1/20/2011</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,029</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,424)</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>605</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>605</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>90,000</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>203,972</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(200,546)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,426</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,426</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>ii)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Settled operations</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="21%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="18%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD>
     <TD width="1%"></TD>
     <TD width="11%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center>&nbsp; </TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional value (EUR thousand)</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Valuation - 2010 (R$ thousand)</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount payable in the</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>year (R$ thousand)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD vAlign=center colSpan=13 align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterparties</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Operation maturity</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-term</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short-term</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>receivable</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>/ received</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>payable /</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>paid</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Itau BBA</FONT></I>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,000</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>07/12/10</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>56,833</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(57,010)</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(177)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Deutsche Bank</FONT></I>&nbsp;</TD>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7/12/2010 to 9/15/2010</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>68,061</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(68,266)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(205)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>HSBC</FONT></I>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>75,000</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7/12/2010 to 11/18/2010</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>170,998</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(175,322)</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,324)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>Goldman Sachs</FONT></I>&nbsp;</TD>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9/15/2010 to 11/18/2010</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>283,127</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(288,610)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,483)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>255,000</FONT></B>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>579,019</FONT></B>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(589,208)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f8f8f8 align=left>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f8f8f8 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(10,189)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sensitivity analysis </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>For the consolidated exchange operations with US Dollar fluctuation risk, based on the foreign exchange rate on December 31, 2010 of R$1.6662 per US$1.00, adjustments were estimated for five scenarios: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: Probable scenario, 1.6736 future U.S. Dollar rate in the BM&amp;F, maturing on February 1<SUP>st</SUP>, 2010, collected on December 31, 2010;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (25% of Real appreciation) R$/US$ parity of 1.2497;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (50% of Real appreciation) R$/US$ parity of 0.8331;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 4: (25% of Real devaluation) R$/US$ parity of 2.0828;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 5: (50% of Real devaluation) R$/US$ parity of 2.4993.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="31%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=13 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Risk</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>US$</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>notional</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>value</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 1</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 2</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 3</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 4</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 5</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.6662</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.6736</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.2497</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.8331</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.0828</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.4993</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Exchange swap</FONT></B>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. Dollar fluctuation</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,178,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,720</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(490,696)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(981,392)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>490,696</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>981,392</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=14>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Exchange position - functional currency Brazilian Reais</FONT></B>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. Dollar fluctuation</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,150,294)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,514)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>479,155</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>958,310</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(479,155)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(958,310)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(not including foreign exchange derivatives above)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR>
     <TD colSpan=14>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated exchange position</FONT></B>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. Dollar fluctuation</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>99,235</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>735</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(41,336)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(82,673)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,336</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>82,673</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(including foreign exchange derivatives above)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
</DIV>
<a name="_bclFooter118"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 78</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name="page_119"></A>
<a name="_bclPageBorder119"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<a name="_bclHeader119"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>For the consolidated exchange operations with Euro fluctuation risk, based on the foreign exchange rate on December 31, 2010 of R$2.2280 per &#128;$1.00, adjustments were estimated for five scenarios: </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 19.85pt; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: Probable scenario, R$2.2188 future Euro rate in the BM&amp;F, maturing on February 1<SUP>st</SUP>, 2010, collected on December 31, 2010;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 2: (25% of Real appreciation) R$/&#128;$ parity of 1.6710;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (50% of Real appreciation) R$/&#128;$ parity of 1.1140;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 4: (25% of Real devaluation) R$/&#128;$ parity of 2.7850;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 5: (50% of Real devaluation) R$/&#128;$ parity of 3.3420.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="31%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=13 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Risk</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>EUR Notional</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>value</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 1</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 2</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 3</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 4</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Scenario 5</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.2280</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.2188</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.6710</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.1140</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.7850</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.3420</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Exchange swap</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>EURO fluctuation</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>90,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(831)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50,130)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(100,260)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,130</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,260</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Exchange position - functional currency</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Brazilian Reais</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>EURO fluctuation</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,588</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(52)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,113)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,225)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,113</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,225</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(not including foreign exchange derivatives</FONT> above)</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated exchange position</FONT></B>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>EURO fluctuation</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95,588</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(883)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(53,243)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(106,485)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53,243</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>106,485</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 colSpan=14 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(including foreign exchange derivatives above)</FONT></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&#149;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Interest rate risk</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Short and long-term liabilities, indexed to floating interest rates and inflation indexes. Due to this exposure, the Company maintains derivatives to manage these risks better.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Libor x CDI swap transactions </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The purpose of these transactions is to hedge liabilities indexed to US Dollar Libor from Brazilian interest rate fluctuations. The Company has basically executed swaps of its liabilities indexed to Libor, in which it receives interest of 1.25% p.a. on the notional value in dollar (long position) and pays 96% of the Interbank Deposit Certificate &#150; CDI on the notional value in Reais on the date of the contracting (short position). The notional value of these swaps on December 31, 2010 is US$150,000 thousand, hedging an export pre-payment operation in the same amount. The gains and losses from these contracts are directly related to exchange (dollar), Libor and CDI fluctuations. They are related to operations in the Brazilian over-the-counter market, in general, having first-tier financial institutions as counterparts.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 31, 2010, the position of these contracts is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a)</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Outstanding operations</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="22%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=center>&nbsp; </TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center>&nbsp; </TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional value US$</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>thousand</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Valuation-2010</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B> <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(market) (R$</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>thousand)</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount payable in</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>the year</FONT></B> <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>thousand)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD vAlign=center colSpan=13 align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Date of</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>maturity</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterparties</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-term</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position </FONT></B></TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><STRONG><FONT size=1 face=Arial>Short-term<BR>
position</FONT></STRONG></TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount payable</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2/12/2011</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>CSFB</FONT></I>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,575 </FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(257,584)</FONT></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,009)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,009)</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b)</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Settled operations</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="7%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=center>&nbsp; </TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center>&nbsp; </TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional value</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>US$ thousand</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Valuation - 2010</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Valuation - 2009</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value (market)</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(R$ thousand)</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Date of</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>maturity</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Counterparties</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center>&nbsp; <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-term</FONT></B><BR>
position</FONT></B></TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center>&nbsp; <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short-term </FONT></B><BR>
position</FONT></B></TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center>&nbsp; <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Long-term</FONT></B><BR>
position</FONT></B></TD>
     <TD vAlign=center align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Short-term</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>position</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Amount paid</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>02/12/2010</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>CSFB</FONT></I>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150,000 </FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right>&nbsp;<FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150,000</FONT></TD>
     <TD bgColor=#f8f8f8 align=right></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>255,316</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(259,411)</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,787</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(256,971)</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,095)</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,184)</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,911)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>05/12/2010</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>CSFB</FONT></I>&nbsp;</TD>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>255,228</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(259,066)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,838)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,838)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/08/2010</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>CSFB</FONT></I>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150,000</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>255,367</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(260,316)</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=right></TD>
     <TD bgColor=#f8f8f8 align=right>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=right></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,949)</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right>&nbsp; </TD>
     <TD bgColor=#f8f8f8 align=right></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,949)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/11/2010</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif>CSFB</FONT></I>&nbsp;</TD>
     <TD align=left><I><FONT size=1 face=Arial-ItalicMT,Arial,Helvetica,sans-serif></FONT></I></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>255,320</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(260,475)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,155)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,155)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,021,231</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,039,268)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>254,787</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(256,971)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(18,037)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 1px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,184)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(15,853)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The net position of the aforementioned contracts is recorded in a specific derivative account as loss in the amount of R$3,009 on December 31, 2010 and its effects are recognized in the Company&#146;s financial result as a loss in the amount of R$18,862.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sensitivity analysis of interest rate swaps</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="36%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD>
     <TD width="1%"></TD>
     <TD width="12%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=9 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>US$ notional</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Risk</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Probable</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25%</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>50%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rate swaps Libor vs CDI</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>150,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(Libor) US$</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,795)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(26,823)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(31,904)</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sensitivity analysis of interest rate variations</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company considers the effects of a 5% increase or decrease of interest rates over its loans, financing and outstanding debentures on December 31, 2010 of its Consolidated Financial Statements. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 70%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD width="68%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Effects on results</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Variations in interest rates</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>TJLP</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,465</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,603</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Libor</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,102</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,466</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CDI</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,103</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,209</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Share&#146;s market price risks</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company is exposed to risks of changes in share prices due to the investments held and classified as available for sale. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The table below summarizes the share price variation effects on shareholders&#146; equity and other comprehensive income.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 70%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD width="68%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other comprehensive income</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Net variation in the market value of available-</FONT>for-sale financial instruments</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>515,572</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,885</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company received in 2010 the amount of R$11,754 referring to interest on shareholders&#146; equity. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>&nbsp;Investments in ADR/shares acquired from first-tier companies traded at BOVESPA and ASX (Australian Securities Exchange).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of maintaning the market values of 12/31/2010 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 volatilidade das a&#231;&#245;es.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Scenario 1: (25% of shares appreciation);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Scenario 2: (50% of of shares appreciation);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Scenario 3: (25% of shares devaluaition);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Scenario 4: (50% of shares devaluation)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="44%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=7 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Impact on Shareholders' Equity</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Companies</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25%</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>50%</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25%</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>50%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Usiminas</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>204,934</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>409,867</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(204,934)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(409,867)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Riversdale Mining Limited</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,103</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>206,205</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(103,103)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(206,205)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Planatl&#226;ntica</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,551</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,101</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,551)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,101)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>310,587</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>621,174</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(310,587)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(621,174)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Credit risk</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The exposure to credit risk of financial institutions complies with the parameters established in the financial policy. The Company normally uses a detailed analysis of its equity and financial situation, in addition to that of its customers and suppliers, establishing a credit limit and a permanent follow up of its debt balance.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Regarding its financial investments, the Company only invests in low credit risk institutions assessed by rating agencies. Since part of the Companies&#146; funds is invested in Brazilian government bonds, there is also exposure to the Brazil&#146;s credit risk. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Capital Management</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company manages its capital structure with the purpose of protecting/preserving its capacity to continually offer return to shareholders and benefits to other interested parties, in addition to keeping an ideal capital structure to reduce this cost. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>O</FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ther risks </FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i</FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>nstruments</FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>associated with fluctuation in prices of financial assets</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Total return equity swap contracts </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On August 13, 2009, the Company pre-settled the total return equity swap operation contracted on September 5, 2008, as approved by the Board of Directors on July 8, 2009. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
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<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Date of</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>issue</FONT></B></TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Settlement</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>date</FONT></B></TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Notional</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>value</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(US$</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Assets</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Market</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>value</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9/5/2008</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8/13/2009</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,050,763</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,364,812</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,934,741)</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(569,929)</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Despite this operation&#146;s accumulated losses from September 5, 2008 up to the date of its settlement, in the amount of R$569,929, during 2009 the operation generated a profit totaling R$1,026,465.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Swap contract without cash, had as counterpart Banco Goldman Sachs International, was pegged to 29,684,400 American Depositary Receipts (&#147;ADR&#148;) of Companhia Sider&#250;rgica Nacional (long position) and Libor of 3 months + spread of 0.75% p.a. (short position).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 81</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt 0in; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The gains and losses from this contract were directly related to foreign exchange fluctuations, the Company&#146;s ADRs and Libor quotation. This instrument was recorded in other accounts payable in the balance sheet, and gains and loss, by accrual period, in the Company&#146;s financial income (loss).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This operation had deposit related to the guarantee margin with the counterparty in the amount of US$593,410 remunerated daily at the Fed Fund rate, and this deposit was released on the operation settlement date. The guarantee margin was recorded in other accounts receivable under current assets. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>V &#150; Guaranteed deposits </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has guaranteed deposits amounting to R$254,485 (R$115,964 in 2009); which is invested at the Deutsche to guarantee the derivative financial instrument agreements, specially swap between CSN Islands VIII and CSN. Additionally, the Company has a securitization reserve fund amounting to R$54,675 (R$126,092 in 2009) as set forth in the securitization program agreements (see Note 16).</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 82</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>18.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER LIABILITIES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Other liabilities classified under current and non-current liabilities are as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="29%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=7 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non current</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Obligations with related parties (Note 5)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>148,364</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>80,062</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>372,185</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>200,152</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,028,924</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,980,772</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,141,037</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,056,146</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unrealized losses with derivatives (Note 17)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,407</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77,146</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,010</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,184</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>263</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,729</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends and interest on shareholders' equity</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>631,344</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>383,079</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>630,051</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>383,079</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Advances to clients</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35,361</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85,464</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,003</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,607</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes paid in installments (Note 20)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>656,678</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>582,190</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>652,894</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>547,292</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>859,898</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>437,231</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>829,537</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>277,050</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other liabilities</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>266,798</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>410,633</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>223,848</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>319,224</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>178,350</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>229,591</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>136,996</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>144,776</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,854,952</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,618,574</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,910,991</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,481,538</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,067,435</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,666,323</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,107,570</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,477,972</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>19.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SURETIES AND GUARANTEES</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company has the following liabilities with its subsidiaries and jointly-owned subsidiaries, in the amount of R$7,484,271 (R$4,863,348 in 2009), for guarantees provided: </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="24%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=19 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>In million</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Currency</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Maturity</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Loans</FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Tax foreclosure</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other</FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=center>&nbsp; </TD>
     <TD align=center></TD>
     <TD align=center>&nbsp; </TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transnordestina</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>06/01/2010 to 05/08/2028</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,145,397</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>298,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,186</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,800</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,150,583</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>300,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Cimentos</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Indefinite</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,745</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,100</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,987</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,987</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,732</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53,087</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Prada</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Indefinite</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,958</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,900</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>740</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,900</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,699</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sepetiba Tecon</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Indefinite</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,465</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,900</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>61,519</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>66,500</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>77,983</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>83,400</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>It&#225; Energ&#233;tica</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>09/15/2013</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,587</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,700</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,587</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Energia</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>R$</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Indefinite</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,029</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,336</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,300</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,365</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,300</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in R$</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,156,449</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>393,600</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>58,732</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>52,000</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>96,767</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>101,487</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,311,948</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>547,087</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #ffffff" colSpan=20>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands VIII</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/16/2013</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>550,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>550,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>550,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>550,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands IX</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>01/15/2015</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>400,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>400,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>400,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>400,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands X</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Perpetual</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>750,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>750,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands XI</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>09/21/2019</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>750,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>750,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>750,000</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>750,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Islands XII</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Perpetual</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>A&#231;os Longos</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/31/2011</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,431</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,700</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,431</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,700</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Resources</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>07/21/2020</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN Cimentos</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>07/15/2010</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>200</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>200</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Namisa</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>US$</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12/31/2009</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,000</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in US$</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,704,431</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,478,900</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,704,431</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,478,900</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total in R$</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,172,323</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,316,261</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,172,323</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,316,261</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,328,772</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,709,861</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>58,732</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>52,000</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>96,767</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>101,487</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,484,271</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,863,348</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>20.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TAXES PAID IN INSTALLMENTS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; 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: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Tax recovery program (Refis)</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; 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: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Federal Refis</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On November 26, 2009, CSN and its subsidiaries adhered to the Federal Tax Repayment Program (REFIS) introduced by Law 11,941/09 and Provisional Measure 470/09, in order to settle their tax and social security liabilities through a special settlement and installment payment system. The adhesion to special tax programs reduced the amount payable of fines, interests and legal charges previously due.</FONT></P>
<P style="MARGIN: 0in 0in 0in 35.4pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Management&#146;s decision took into account the matters judged by higher courts, as well as the evaluation of its external advisors as to the possibility of a favorable court decision for the lawsuits in progress.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.4pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In November 2009 and February 2010, companies recorded the adjustments necessary to be made in the provisions, as well as reductions in debits set forth in special programs, according to the waiver date of administrative appeals or legal proceedings. In 2009, the Parent Company recorded a positive effect of R$505,853 before IRPJ and CSLL whereas the consolidated was R$507,633. In 1Q10, those amounts </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>corresponded to a negative effect of R$48,890 and R$42,364 before IRPJ and CSLL in the Parent Company and consolidated, respectively, which were recorded in other operating revenues and expenses and financial income (loss) (see Notes 26 and 27).</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 83</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The new debit value after the application of reductions related to the tax program of Law 11,941/09 was offset with court deposits related to these lawsuits and is subject to validation by the proper authorities. The remaining balance will be paid in 180 monthly installments as of the consolidation of debits by the authorities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.4pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As for debits recorded pursuant to Provisional Measure 470/09, these are being paid in 12 installments as of November 2009. In July 2010, the Company chose to offset with the amounts of tax loss carryforwards and negative basis of social contribution the last four installments of this tax recovery program, pursuant to the possibility set forth in the applicable legislation.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.4pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Respective authorities are still examining the data presented with the purpose of consolidating the debits included in installment payments set forth by Provisional Measure 470/09 and Law 11,941/09.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 35.4pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 31, 2010, the position of debits from Refis, recorded in taxes paid in installments was R$1,410,062 (R$824,342 in 2009) in the parent Company and R$1,444,207 (R$826,844 in 2009) in the consolidated.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; 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: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>State Refis</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On January 18, 2010, the state of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro enacted Law 5,647/10, which implemented the Tax Recovery Program. Based on this new rule, amounts due have reduced fines and interests and could be settled with judgment debts of the government until May 31, 2010. The Company and its subsidiaries, CSN Cimentos and MRS, have chosen to include certain state tax debits in the Tax Recovery Program (REFIS), which amounted to R$52,387, with no significant impact on the income for the year. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>21.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TAX, SOCIAL SECURITY, LABOR AND CIVIL PROVISIONS AND JUDICIAL DEPOSITS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Several proceedings involving actions and complaints of a number of issues are being challenged at the proper jurisdictions. The breakdown of the amounts recorded as provisions and the respective judicial deposits related to those actions are shown as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="41%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Judicial</FONT></B><BR>
deposits</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B><BR>
provisioned</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Judicial</FONT></B><BR>
deposits</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B><BR>
provisioned</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Judicial</FONT></B><BR>
deposits</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B><BR>
provisioned</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Social security and labor</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>78,302</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>183,141</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,617</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>131,032</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,331</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>120,403</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Civil</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38,646</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,613</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,066</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,625</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,025</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>44,704</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>847,301</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67,427</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>839,008</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,753</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,266</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Guaranteed deposits</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,856</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,184</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,563</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,008,105</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>305,181</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>970,875</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>188,410</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>104,919</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>166,373</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Legal liabilities challenged in court:</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>IPI premium credit</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,227,892</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,227,892</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,227,892</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,227,892</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,196,822</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,227,203</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSLL credit on exports</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>401,916</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,240,158</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,156,830</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>SAT</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,880</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>66,650</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Education allowance</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,189</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,121</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,189</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,121</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,189</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>33,121</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CIDE</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,211</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,545</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,913</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,674</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,616</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,390</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income tax / "Plano Ver&#227;o"</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>341,551</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,892</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>339,215</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,892</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>336,826</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,892</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other provisions</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,078</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113,552</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,078</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>108,203</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>370,268</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>107,436</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,695,921</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,824,918</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,669,287</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,708,820</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,967,721</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,639,522</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,704,026</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,130,099</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,640,162</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,897,230</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,072,640</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,805,895</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total current - consolidated</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>200,288</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>172,657</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>149,799</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total non-current - parent company</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,704,026</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,929,811</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,640,162</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,724,573</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,072,640</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,656,096</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=12>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total current - consolidated</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>222,461</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>189,517</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>161,144</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total non-current - parent company</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,774,706</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,016,842</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,706,971</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,838,670</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,107,251</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,747,601</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The change in provisions for contingencies for the years ended December 31, 2010 and December 31, 2009 are as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="20%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=17 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=13 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non current</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nature</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Additions</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Final charges</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp; <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Utilization</FONT></B></TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transfer to</FONT></B><BR>
taxes in</FONT></B><BR>
installments</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Civil</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,717</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,500</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,384</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,393)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,208</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>57,622</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>43,711</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,778</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,511</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,940)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,349</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>164,839</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>145,806</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,696,181</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60,707</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>519,074</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(957,809)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 4px" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(406,893)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,911,260</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105,994</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,966</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,550</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(100,485)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,025</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,838,670</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>103,173</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>548,519</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,066,627)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 4px" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(406,893)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,016,842</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>222,461</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>189,517</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=17>&nbsp; </TD></TR>
<TR>
     <TD colSpan=17>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=17 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=13 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Non current</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Current</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nature</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Additions</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Final charges</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp; <B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Utilization</FONT></B></TD>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Transfer to</FONT></B><BR>
taxes in</FONT></B><BR>
installments</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></FONT></B></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Civil</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,500</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,000)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,113</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,625</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Labor</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>146,175</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>131,032</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tax</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,673,693</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>49,532</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>506,397</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(930,384)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 4px" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(406,893)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,892,345</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>50,880</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,966</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16,550</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(67,430)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,966</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,724,573</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>91,998</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>522,947</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,002,814)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 4px" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(406,893)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,929,811</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>200,288</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>172,657</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The provisions for civil, labor, tax, environmental and social security liabilities were estimated by the Company&#146;s Management substantially based on the opinion of its legal counsel, and only the cases classified as risk of probable loss were recorded. Additionally, the provisions include tax liabilities arising from actions taken on the Company&#146;s initiative, plus SELIC (Special Settlement and Custody System) interest</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company and its subsidiaries are defendants in other judicial and administrative proceedings (labor, civil and tax) in the approximate amount of R$4,200,104, R$2,939,678 of which corresponds to tax proceedings, R$302,847 to civil actions and R$957,579 to labor and social security lawsuits. According to the Company&#146;s legal counsel, these administrative and legal proceedings are assessed as possible risk of loss. These proceedings were not accrued in accordance with the Management&#146;s judgment and with accounting practices adopted in Brazil</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>a) Labor proceedings</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On December 31, 2010, the Company is defendant in 9,302 labor claims, with a provision in the amount of R$146,175 (R$131,032 in 2009). Most of the pleadings of the actions are related to joint and/or subsidiary liability, wage parity, additional allowances for unhealthy and hazardous activities, overtime and differences related to the 40% fine on FGTS (severance pay) resulting from the federal government&#146;s economic plans, health plan, action for damages due to alleged occupational disease or accident and profit sharing differences from 1997 to 1999 and from 2001 to 2003</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>b) Civil proceedings</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Among the civil judicial proceedings to which the Company is defendant, there are mainly actions with indemnification request. Such proceedings, in general, arise from occupational accidents, diseases, contractual controversies, related to the Company&#146;s industrial activities. A provision in the amount of R$54,113 on December 31, 2010 (R$41,625 in 2009) was recorded for proceedings involving civil matters</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>Among the environmental administrative/legal proceedings in which the Company is defendant, these mainly refer to administrative proceedings aiming the verification of possible environmental irregularities and the environmental licenses regularization; at courts, there are collection suits of fines levied due to these irregularities </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 85</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>and public civil actions requesting the regularization cumulated with indemnities, which include environmental restoration, in most of the cases. These proceedings usually derive from controversies related to alleged damage to the environment, concerning the Company&#146;s industrial activities. On December 31, 2010, the Company accrued the amount of R$500 for environmental-related lawsuits. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>c) Tax proceedings</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=blue face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp; </FONT><B><U><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Income and Social Contribution Taxes </FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>(i) Plano Ver&#227;o - The parent Company claims the recognition of the financial-tax effects on the calculation of the income and social contribution taxes on net income, related to the 51.87% inflation write-down of the Consumer Price Index (IPC), which occurred in January and February 1989 (&#147;Plano Ver&#227;o&#148;). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>In 2004, the proceeding was concluded and a final and unappealable decision was reached, granting the right to apply the index of 42.72% (January 1989), from which the 12.15% already applied should be deducted. The use of the index of 10.14% (February 1989) was also granted. The proceeding is currently under expert inspection.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On December 31, 2010 the Company recorded R$341,551 (R$339,215 in 2009) deposited in court and classified in a specific court deposit account in long-term receivables and provision of R$20,892 (R$20,892 in 2009), representing the portion not recognized in court.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>(ii) Social Contribution on Net Income - Exports &#150; In February 2004, the Company filed a lawsuit in order to be exempted from the social contribution payment on its export revenues/earnings, as well as obtaining a court authorization to be able to repeat/offset all social contribution values that had been improperly paid on export&nbsp; revenues/earnings since the publication of the Amendment 33/2001, which provided a new wording to Article&nbsp; 149, paragraph 2 of CF/88, when establishing that &#147;social contributions will not levy on revenues resulting from exports&#148;.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>In March 2004, a preliminary injunction was issued, later confirmed in a court decision, which authorized the exclusion (of the CSLL calculation basis) only from the profit from exports.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Said decision was renewed by the 4<SUP>th</SUP> Panel of the 2<SUP>nd</SUP> Regional Federal Court (TRF), which overruled the writ claimed by the Parent Company. An Extraordinary Appeal was filed against this decision, whose progress was suspended until the Brazilian Federal Court (STF) renders a decision on the matter in the records of the Extraordinary Appeal 564,413 (leading case), in which the existence of a general rebound of this very constitutional issue was acknowledged. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>In December 2008, the Company received a Collection Letter of the amounts referred to the exclusion of &#147;revenues&#148; on the CSLL calculation basis. Consequently, the Company&#146;s Management approved the adhesion of the Collection Letter to the tax payment in installments program set forth by Law 11,941/2009 (REFIS), and also the litigation continuity about the main principle, related to the non-levy of CSLL on export profit, which was recently judged by the Supreme Court in Extraordinary Appeal notices 564,413 (leading case) in dissenting opinion (6X5) to taxpayers, still pending publication and that shall be purpose of an appeal.</FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Up to December 31, 2010, the amount of suspended liability and the credits offset based on the aforementioned proceeding was R$401,916 (R$1,240,158 in 2009), plus Selic interest rate.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US color=black face="Times New Roman">&nbsp; </FONT><B><U><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Contribution for intervention in the Economic Domain - CIDE</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The parent Company questioned the legality of Law 10168/00, which established the payment of CIDE on the amounts paid, credited or remitted to beneficiaries not resident in Brazil, for royalties or remuneration purposes on supply contracts, technical assistance, trademark license agreement and exploitation of patents. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 86</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The lower court decision was unfavorable, which was ratified by the 2<SUP>nd</SUP> Regional Federal Court (TRF). Appeals for Clarification of Judgment were filed, which were rejected, and an Extraordinary Appeal was filed at STF, which is awaiting decision as to its admissibility.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Due to adverse decisions and benefits from reduction of fines and interest rates, the Company&#146;s Board of Directors approved the adhesion of said litigation to the tax recovery program of Law 11,941/2009. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>After having applied the benefits of this program, the Company also maintains judicial deposits in the amount of R$6,141, out of which R$2,895 refer to excess deposits after the application of REFIS reductions that may be offset with other debits discussed in court by the taxpayer or converted into income. On December 31, 2010, there is a provision in the amount of R$3,246 (R$3,376 in 2009), which includes legal charges. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US color=black face="Times New Roman">&nbsp; </FONT><B><U><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Education allowance</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The parent Company challenged the unconstitutionality of the education allowance and the possible recovery of the amounts paid in the period from January 5, 1989 to October 16, 1996. The proceeding was judged unfounded, and the Federal Regional Court maintained its unfavorable decision, which is final and unappealable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>In view of this fact, CSN attempted to pay the amount due, but FNDE and INSS did not reach an agreement about who should receive it. A fine was also demanded, but CSN did not agree on it.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>CSN filed new proceedings questioning the above-mentioned facts and deposited in court the amounts due. In the first proceeding, the 1<SUP>st</SUP> level sentence judged partially favorable the pleading, in which the Judge removed the amount of the fine, maintaining, however, the SELIC rate. The Company presented brief of respondent to the defendant&#146;s appeal, and appealed concerning the SELIC rate. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The amount provided for and deposited in court on December 31, 2010 totals R$33,121 (R$33,121 in 2009). </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp; </FONT><B><U><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Workers&#146; Compensation Insurance - SAT</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The parent Company is challenging in court the increase in the SAT rate from 1% to 3% and is also contests the raise in SAT for purposes of Contribution to Special Retirement, whose rate was set at 6%, in accordance with the legislation, for employees who are exposed to harmful agents.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>As for the first proceeding mentioned above, the lower court decision was unfavorable and the proceeding is under judgment in the 2<SUP>nd</SUP> Region of the Federal Regional Court. As for the second proceeding it ended up unfavorably for the Company, and the total amount due in this proceeding of R$33,077, which was deposited in court, was converted into revenue for the benefit of INSS.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The amount accrued on December 31, 2010, totals R$36,966 (R$50,880 in 2009), which includes legal additions and is exclusively related to the process of rate difference from 1% to 3% for all establishments of the Company. Due to the probability of losing of this discussion, the Company&#146;s Board of Directors approved the adhesion of said discussions to the installment payment set forth by Law 11941/09. Due to the adhesion to REFIS and the withdrawal from the litigation that discussed the rate increase from 1% to 3%, CSN included the period that had not been assessed in the Common Installment Program, which awaits ratification.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp; </FONT><B><U><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>IPI premium credit on exports</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Brazilian tax laws allowed companies to recognize IPI premium credit until 1983, when the Brazilian government, through Executive act, cancelled these benefits, prohibiting companies to use these credits.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The parent Company challenged the constitutionality of this act and filed a claim to obtain the right to use the IPI premium credit on exports from 1992 to 2002, once only laws enacted by the legislative branch may cancel or revoke benefits prepared by prior legislation.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In August 2003 the Company obtained a favorable lower court decision, authorizing the use of the credits aforementioned. The national treasury appealed against this decision and obtained a favorable decision, and the Company then filed a special and extraordinary appeal against this decision at the Superior Court of Justice and at the Federal Supreme Court, respectively.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Between September 2006 and May 2007, the Brazilian Treasury filed 5 tax foreclosures and 3 administrative proceedings against the Company, related to the payment of taxes which were offset with IPI premium credits. The total payment amount was restated at approximately R$4.5 billion on December 31, 2010. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On August 29, 2007, CSN offered property to be levied upon treasury shares in the amount of R$536 million. 25% of this amount will be replaced by judicial deposits in monthly installments performed up to December 31, 2007 and as these substitutions take place, it was requested that the equivalent amount in shares be released from the levy of execution for the share price determined at the closing price of the day prior to the deposit. The requirement was pending decision.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On August 13, 2009, the Federal Supreme Court issued a decision with effects of general repercussion establishing that the IPI Premium Credit was only effective up to October 1990. Thus, the credits determined after 1990 were not recognized, and, in view of this court decision, the Company&#146;s Board of Directors approved the adhesion of said issues to the tax recovery programs of tax debits pursuant to the Provisional Measure 470/09 and Law 11941/09, in which there is the advantage of reduced fines, interest and legal charges.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company held accrued the amount of credits already offset, increased by default charges up to September 30, 2009. The new debit value after the application of reductions set forth in the program of Law 11941/09, was offset with court deposits related to said operations, resulting in an excess deposits amounting to R$516 million after the application of REFIS reductions, which can be offset with other debits included in the installment payment or refunded. Such debits are yet subject to ratification by the proper authorities, which will take place as of the second quarter of 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Debits registered pursuant to MP 470/09 have been paid in 12 installments as of November 2009, and the last four installments were replaced by the amounts of loss carryforwards and negative basis of social contribution, pursuant to the possibility set forth in the applicable legislation. Proper authorities are still examining the data presented to consolidate debits included in said payment in installments. Up to the moment, four administrative proceedings, amounting to R$1,8 billion, are being challenged in court by proper authorities, two of which were purpose of registry as an overdue tax liability. The Company promptly challenged appeals in the administrative scope (by presenting proper appeals) in view of strong arguments about the inclusion of such debits in the payment in installments allowed for by MP 470/09 and, by means of an Injunction, suspended the appeals presented, said effect will suspend the enforceability of said debts until a final decision is issued in the administrative scope</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>. Administrative Proceedings which aim at including again the debts in the Provisional Measure 470/09 have still been analyzed.</FONT></P>
<P style="TEXT-INDENT: 1.85pt; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp; </FONT><B><U><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Other</FONT></U></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The parent Company also recorded provisions for proceedings related to INSS, Severance Pay (FGTS) - Supplementary Law 110, COFINS Law 10833/03, PIS - Law 10637/02 and PIS/COFINS - Manaus Free-trade Zone, amount of which totaled R$84,367 on December 31, 2010 (R$72,124 in 2009), which includes legal accruals.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Regarding the Cofins debit Law 10833/03, the Board of Executive Officers approved the adhesion of said discussions to the tax recovery program Law 11941/09. The Parent Company maintained a provision in the amount of credits already offset, increased by default charges up to September 30, 2009.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The new debit value after the application of reductions set forth in the program of Law 11941/09, was offset by court deposits related to said operations, resulting in an excess deposits amounting to R$9,141 after the </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>application of REFIS reductions, which can be offset by other debits </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>included in the installment payment, or under court decision or refunded</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>. Such debits are yet subject to ratification by the proper authorities yet, which will take place by 2011.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On June 14, 2010, the Regional Federal Court of Bras&#237;lia rejected the annulment action filed by CSN against CADE &#150; Administrative Council for Economic Defense, which aimed at annulling its injunction for the so-infringements provided for in Articles 20 and 21, item I of Law 8884/1984. The respective appeals were presented against this decision, which were denied allowing for a Motion for Clarification that await final decision. It remained pending. The collection of the fine, amounting to R$65,292, was suspended by Court decision, which granted a provisional supersede as to guarantee the debit through a surety issued by CSN. This action is classified under risk of possible loss.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>22.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PROVISIONS FOR ENVIRONMENTAL LIABILITIES AND DECOMMISSIONING</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) Environmental liabilities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On December 31, 2010, the Company has a provision in the amount of R$271,608 in the Parent Company and R$278,106 in the consolidated (R$116,309 and R$116,544 in 2009) for use in expenses related to services for environmental investigation and recovery of areas potentially polluted within the plants in the States of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro, Minas Gerais and Santa Catarina</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>. The expenses estimates are reviewed periodically by adjusting the amounts already recorded, whenever necessary.&nbsp; These are the Management&#146;s best estimates considering the degraded area recovery studies and those in process of exploitation.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Provisions are measured by present value of expenses that shall be required to settle the obligation, using a rate before taxes, which reflects the market&#146;s current valuations of cash value over time and the specific risks of obligation. The higher obligation due to passage of time is recognized as financial expenses.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The long term interest rate used for discount at present value and adjustments to provisions accounted for 11.00% in December 31,2010. The constituted liabilities are periodically adjusted based on the discount rates plus the interest rate (IGPM) at force in the period. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) Assets decommissioning</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>Liabilities related to assets decommissioning consist of costs estimates due to decommissioning or restoration of areas at the shutdown of mineral resources exploitation and extraction activities. Initial measurement is recognized as liability discounted at present value and subsequently by adding expenses over time. Assets decommissioning costs corresponding to the initial liability is capitalized as part of the book value of that asset that has been depreciated during the asset&#146;s useful life period. The liability recorded on December 31, 2010 was R$13,435 in the Parent Company and R$17,421 in the consolidated (R$11,915 and R$15,524 in 2009).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>23.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SHAREHOLDERS&#146; EQUITY</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 0in 0in 0pt 0.35in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i.Paid in capital stock</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company&#146;s fully subscribed and paid-in capital stock on December 31, 2010 amounted to R$1,680,947 (R$1,680,947 on December 31, 2009), split into 1,483,033,685 (755,179,610 in 2009) common book-entry shares, with no par value. Each share is entitled to one vote in the resolutions of the General Meeting. The Extraordinary General Meeting held on March 25, 2010, approved the split of shares representing the capital stock. After this split, each share is now represented by two (2) new shares. At the Extraordinary General Meeting held on November 1<SUP>st</SUP>, 2010 the shareholders approved to cancel 27,325,535 shares held in treasury.</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 89</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 0in 0in 0pt 0.35in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii. Authorized capital stock</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company&#146;s bylaws in force on December 31, 2010, determine that the capital stock can be increased up to 2,400,000,000 shares, by decision of the Board of Directors.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 0in 0in 0pt 0.35in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iii. Legal reserve</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Recorded at the proportion of 5% on the net income determined in each period, pursuant to Article 193 of Law 6404/76, reaching the limit for its recording, as determined by the current legislation.&nbsp;&nbsp; </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.35in; MARGIN: 0in 0in 0pt 0.35in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iv.&nbsp; Treasury shares</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company holds 25,063,577 shares in treasury issued by itself purchased in the market for the amount of R$570,176 (R$1,191,559 in 2009) for future sale or cancelation. The market value on December 31, 2010 was R$668,446 (R$1,466,895 in 2009).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>v. Shareholding structure</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On December 31, 2010, the shareholding structure was as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="52%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD>
     <TD width="1%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=5 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Number of</FONT><BR>
<FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Common Shares</FONT>&nbsp;</TD>
     <TD vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>% Total shares</FONT></TD>
     <TD vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>% excluding</FONT><BR>
<FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>treasury</FONT><BR>
<FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>shares</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vicunha Siderurgia S.A.</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>697,719,990</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47.05%</FONT>&nbsp;</TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f8f8f8 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>47.86%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rio Iaco Participa&#231;&#245;es S.A.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,193,503</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.92%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3.99%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Caixa Beneficente dos Empregados da CSN - CBS</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12,788,231</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.86%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>0.88%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>BNDESPAR</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,773,516</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.14%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.18%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sundry (ADR - NYSE)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>358,913,048</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24.20%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24.62%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other shareholders (approximately 10 thousand)</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>298,581,820</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20.13%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20.47%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,457,970,108</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>98.31%</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.00%</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Treasury shares</FONT>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left><FONT color=#ffffff size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,063,577</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.69%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total shares</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,483,033,685</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.00%</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>vi. Breakdown of outstanding shares</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="56%"></TD>
     <TD width="2%"></TD>
     <TD width="20%"></TD>
     <TD width="2%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Breakdown of outstanding common shares</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Number of</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance of</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>shares</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>treasury shares</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Initial balance in 2009</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,517,338,908</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,468,768</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Acquisition of treasury shares</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 2px" align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(59,368,800)</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>59,368,800</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cancellation of shares</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=center>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(76,448,456)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2009</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,457,970,108</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>52,389,112</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cancellation of shares</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=center>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(27,325,535)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Balance on December 31, 2010</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,457,970,108</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>25,063,577</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>24.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SHAREHOLDERS&#146; REMUNERATION </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="80%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12/31/2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net income for the year</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,516,376</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>IFRS adjustment - First-time adoption</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,416)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Basic net income to calculate dividends</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,482,960</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #ffffff" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Proposed Allocation:</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment reserve</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(626,160)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total allocation in reserves</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(626,160)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest on shareholders' equity</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(356,800)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends proposed</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,500,000)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total dividends and interest on shareholders' equity proposed</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,856,800)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Weighted average of number of shares</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Dividends and interest on equity per share</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.2736</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #ffffff" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Additional information:</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Minimum mandatory dividends (*)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>629,094</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 15px" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Leftover from previous years</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>957</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>630,051</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>(*) The Bylaws of the CSN decides to distribute dividends in the mandatory minimum percentage of 25% after exclusion of legal reserves.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Interest on shareholders&#146; equity</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#146;s Management will propose to the Annual General Meeting the payment of interest on shareholders&#146; equity in the amount of R$356,800, equivalent to R$0.244724 per share of the outstanding capital stock on this date. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The calculation of interest on shareholders&#146; equity is based on the variation of the Long-Term Interest Rate (TJLP) on shareholders&#146; equity, limited to 50% of the income for the year before income tax or 50% of retained earnings and profit reserves, in which case the higher of the two limits may be used, pursuant to the legislation in force.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>In compliance with the CVM Resolution 207, of December 31, 1996, and with tax rules, the Company opted to record the proposed interest on shareholders&#146; equity, as corresponding entry against the financial expenses account, and reverse it in the same account, and not presenting it in the statement of income and not generating effects on net income, except with respect to tax effects recognized in deferred income and social contribution taxes. Management will propose that the amount of interest on shareholders&#146; equity be attributed to the mandatory minimum dividend.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 91</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>25.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>NET REVENUE</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Net selling revenue is broken down as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="45%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross Revenue</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Local market</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,201,074</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,488,409</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,770,069</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,079,288</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,270,333</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,197,187</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,130,695</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,494,799</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,471,407</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,685,595</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,900,764</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,574,087</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Deductions</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sales cancelled and discounts</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(416,706)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(462,954)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(133,287)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(99,254)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes on sales</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,604,191)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,244,278)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,315,507)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,870,472)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,020,897)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,707,232)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,448,794)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,969,727)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Revenue</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14,450,510</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,978,364</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,451,970</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,604,360</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>26.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER OPERATING EXPENSES AND INCOME</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="45%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other operating expenses</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(643,081)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(695,905)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(613,072)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(676,248)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Taxes and fees</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(81,394)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(109,753)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(68,885)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(89,570)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of REFIS Law 11,941/09 and MP 470/09 (Note 20)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,444)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(42,835)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Provision for contingencies and net losses of reversals</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(260,235)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(297,695)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(210,439)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(275,897)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>contractual penalties and nondeductible</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(155,445)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(46,882)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(167,865)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(63,075)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed cost - stoppage</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21,213)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(34,198)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,101)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,571)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Derecognition of obsolete assets</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(32,098)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(112,483)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(24,886)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(107,276)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expenses with project engineering</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21,142)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,385)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(21,109)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,385)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Impairment ERSA</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,137)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,137)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other liabilities</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(63,110)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(65,372)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(58,952)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(81,337)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other operating income</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>92,478</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,416,735</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>120,942</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,405,341</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Extemporaneous credit PIS / COFINS / ICMS</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,739</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,739</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gains from investments (Note 10b)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,534</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>835,115</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,893</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>835,115</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of REFIS Law 11,941/09 and MP 470/09 (Note 20)</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>505,297</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>504,762</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gain on the acquisition of judgment debt to the municipality of Pira&#237;</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,595</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,595</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,610</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76,323</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,715</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>65,464</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Other operating (expenses) and income</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(550,603)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>720,830</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(492,130)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>729,093</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 92</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>27.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>FINANCIAL EXPENSES AND INCOME</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="45%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD>
     <TD width="1%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Parent Company</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial expenses:</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loans and financing - foreign currency</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(641,632)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(598,849)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(105,541)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(138,894)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Loans and financing - local currency</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(791,926)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(277,699)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(609,594)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(257,776)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Related parties</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(374,929)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(365,150)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,396,861)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,955,035)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Capitalized interest</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>215,624</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>85,260</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>179,626</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>82,713</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>PIS/COFINS on other revenues</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,079)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,072)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,044)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,072)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Losses from derivative instruments (*)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(27,252)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(152,102)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,864)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,445)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect of REFIS Law 11,941/09 and MP 470/09, net</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,921)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,336</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,055)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,091</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Interest rates, fines and tax charges</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(283,768)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(281,190)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(244,571)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(242,593)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other financial expenses</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(261,570)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(304,049)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(230,549)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(275,422)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,200,453)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,892,515)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,433,453)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,804,433)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial income:</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Related parties</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>53,491</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>55,750</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>121,177</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>106,013</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income on financial investments</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>394,183</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>276,177</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,386</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,072</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other income</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>195,466</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254,098</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>76,044</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>213,666</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>643,140</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>586,025</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>233,607</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>326,751</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Monetary variations:</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Gains</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>271</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,465</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,876</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,947</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Losses</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,714)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,266</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,003)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,331</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(8,443)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>77,731</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(4,127)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,278</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Exchange variations:</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Gains</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(585,719)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(295,526)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,669)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(199,809)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Losses</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>398,527</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>995,064</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>171,421</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,985,323</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>- Exchange variations with derivatives (*)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(158,510)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>282,786</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(345,702)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>982,324</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>140,752</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,785,514</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net monetary and exchange variations</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(354,145)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,060,055</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>136,625</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,795,792</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net financial income/(loss)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,911,458)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(246,435)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,063,221)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(681,890)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(*) Statement of income from derivative operations</FONT></B>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Swap CDI x USD</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(231,673)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(581,523)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Swap EUR x USD</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,763)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Swap Libor x CDI</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,864)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,445)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,864)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,445)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>U.S. Dollar Futures</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>79,926</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(231,563)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total return equity swap</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,026,463</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(8,388)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(65,248)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(185,762)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>130,684</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(18,864)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(17,445)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 93</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>28.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INFORMATION BY OPERATING SEGMENT</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to the Company&#146;s structure, its businesses are distributed in five operational segments. Consequently, CSN has analyzed its information by segment as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Steel </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The steel division encompasses all operations related to the production, distribution, and sale of flat steel products, steel containers and galvanized steel in Brazil, the U.S. and Portugal. The segment makes steel packaging materials for Brazil&#146;s chemical and food industries and also serves the country&#146;s civil construction, while line (appliances) automotive and motors and compressors segments. The Company&#146;s steel units produce highly durable hot- and cold-laminated, galvanized and pre-painted steel products. The Company also makes tinplate, a raw material used in the production of packaging products. At Lusosider, in Portugal, the division also produces metallic leafing, in addition to galvanized steel products. CSN LLC, which operates in the U.S., serves the local market, offering cold-laminated and galvanized products. The production of long steel is slated to begin in 2012. With an initial production of 500 thousand tons, the Company will consolidates its position as a one-stop provider for the civil construction industry, rounding out its portfolio of high valued-added products in the steel chain. </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mining</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The mining division encompasses the firm&#146;s iron ore and tin operations. Those high quality iron ore &nbsp;operations are located in the Iron Quadrangle region of Minas Gerais State, the Casa&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Pedra mine, located in Congonhas, Minas Gerais, which produces high quality iron ore, as does its subsidiary Nacional Min&#233;rios S.A. (Namisa), which owns its own mines, also of excellent quality. It also sells iron ore for third parties. CSN also owns the Estanho&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Rond&#244;nia S.A. (ERSA) mining Company, which operates tin mining and smelting operations. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company holds the concession to operate TECAR, a solid bulk terminal, one of the four terminals consisting Port of Itagua&#237;, located in the State of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro. Coal and coke imports are carried out by means of this terminal.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Logistics</FONT></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Rail </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN holds stakes in two rail companies: MRS Log&#237;stica, which manages Southeast Network formerly run by Rede Ferrovi&#225;ria Federal S.A. (RFFSA), and Transnordestina Log&#237;stica, which operates RFFSA&#146;s former Northeast Network, which traverses the states on Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a) MRS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The transport services provided by MRS are fundamental to the supply of raw materials and the movement of end products to their destinations. All of the iron ore, carbon and coke used at the Presidente Vargas Plant is transported by MRS, as well as a portion of the steel produced by CSN for the domestic market and for export. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Railroad system in Southeastern Brazil, with a 1,674 km rail network, serves the industrial triangle S&#227;o Paulo - Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro - Minas Gerais in the southeast, connecting its mines located in Minas Gerais to ports located in S&#227;o Paulo and Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro, and to CSN&#146;s steel plants, Companhia Sider&#250;rgica Paulista, or Cosipa, and Gerdau A&#231;ominas.&nbsp; In addition to serving other clients, the line transports iron ore from its mines of Casa&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Pedra in Minas Gerais and coke and coal from Port of Itagua&#237;, in the State of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro, to the city of Volta Redonda, and transports its exports to the Ports of Itagua&#237; and Rio&nbsp;de Janeiro. Its transportation volume accounts for nearly 28% of the total volume of the railroad system in southeastern Brazil.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) Transnordestina Log&#237;stica</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN and the federal government will jointly finance the implementation of the Transnordestina Project, which involves the construction of nearly 1,728 kilometers of new lines. That project, which is slated for conclusion in 2013, also includes extensions of and improvements of part of the infrastructure (or rows) of the Transnordestina Log&#237;stica&#146;s concession network, which will be expanded from its current 2,600 operational kilometers to approximately 4,300 operational kilometers.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Tansnordestina Log&#237;stica S.A. holds a 30-year concession granted in 1998 to operate the rail system in northeastern Brazil. The rail system in northeastern Brazil comprises a 4,238 km network and operates in the States of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas, and Rio Grande do Norte.&nbsp; In addition, it connects itself to the main ports of the region, thus offering an important competitive advantage by means of opportunities for combined transportation solutions and customized logistic projects.&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The project will increase transportation capacity of Transnordestina Log&#237;stica&nbsp;by 20 times, almost the same level of the world&#146;s most modern railways.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Transnordestina will become the best logistic option to export grains through the ports of Pec&#233;m and Suape, as well as other solid bulks, such as iron ore of the Northeast Region, playing an important part in the region&#146;s development.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Ports Logistics</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The ports logistics segment encompasses operation of the Sepetiba Tecon terminal built in the post-privatization period. The Sepetiba terminal&#146;s infrastructure can meet all the needs of exporters, importers and ship-owners, since its installed capacity surpasses those of most other Brazilian terminals. Its berths have an excellent depth of 14.5 meters and plenty of storage space, and the terminal also provides adequate access to state-of-the-art equipment, systems and intermodal connections.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#146;s Constant investment in terminal projects consolidates the Port Complex of Itagua&#237; as one of the country&#146;s most modern ones, currently with a movement capacity of 480 thousand containers on an annual basis and 30 million tons of bulk.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN is one of the major industrial consumers of electricity in Brazil. Considering that energy is essential in its productive process, the Company invests in energy generation assets to guarantee its self-sufficiency, which include</FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>:</FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> the It&#225; Hydroelectric Plant, located in Santa Catarina State, with an installed capacity of 1,450 MW, in which CSN holds a 29.5% interest; the Igarapava Hydroelectric Plant, located in Minas Gerais, which has an installed capacity of 210 MW and in which CSN holds a 17.9% interest; and the thermo-electric co-generation station, with 238 MW, operational at the Presidente Vargas steelworks since 1999. The station uses residual gases deriving from its own steel production as fuel. CSN obtains 430 MW of energy from these three energy generation assets.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0in 0in 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cement</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The cement division consolidates the Company&#146;s cement production, distribution and sales operations, which use the slag produced by the Volta Redonda plant&#146;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; MARGIN: 0in 0in 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The information presented to the Management pertinent to each division is generally derived directly from the accounting records combined with a few inter-unit allocations. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B></DIV></DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Sales by geographic area are determined based on customer location. In consolidated terms, Brazilian sales consist of revenues obtained from clients in Brazil, while export sales correspond to revenues obtained from clients abroad.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="29%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
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     <TD width="1%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ore</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Electricity</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Elimination </FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Port</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Railway</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Result</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tonnes (thousand) - (unaudited) (*)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,795,851</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,554,984</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>991,789</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,342,624</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Local market</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,763,470</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>573,976</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>119,315</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>838,436</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113,517</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>201,841</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(363,750)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,246,805</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,162,539</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,041,166</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,203,705</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of products and services rendered</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,095,348)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,186,962)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70,046)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(521,747)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(41,579)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(163,631)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>392,571</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,686,742)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross revenue</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,830,661</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,428,180</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>49,269</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>316,689</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>71,938</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>38,210</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>28,821</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,763,768</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling and administrative expenses</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(573,572)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(134,580)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,590)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 2px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70,644)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,555)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(43,119)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(350,759)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,214,819)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>519,411</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>145,817</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,577</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>102,629</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,501</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,648</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,414)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>806,169</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,776,500</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,439,417</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>38,256</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>348,674</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>68,884</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,739</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(325,352)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,355,118</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ore</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Electricity</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Elimination </FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Port</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Railway</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sales by geographic area</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Asia</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,752</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,513,499</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,554,251</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>North America</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>432,229</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>432,229</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Latin America</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>193,692</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>193,692</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Europe</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>454,997</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>527,667</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>982,664</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,868</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,868</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Foreign market</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,162,538</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,041,166</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>4,203,704</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Local market</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,763,471</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>573,976</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>119,315</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>838,436</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>113,517</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>201,841</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(363,750)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,246,806</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,926,009</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,615,142</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>119,315</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>838,436</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>113,517</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>201,841</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(363,750)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14,450,510</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) The ore sales volumes presented in this chart include those of the Company and its stake in subsidiaries (Namisa 60%).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="29%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ore</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Electricity</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Elimination </FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Port</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Railway</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Result</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tonnes (thousands) - (unaudited) (*)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,110,266</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,478,837</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>338,272</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21,927,375</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Local market</FONT>&nbsp;</P>
</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,045,510</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>247,490</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>144,363</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>822,503</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,641</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60,380</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(330,353)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,106,534</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,155,780</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,716,050</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,871,830</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of products and services rendered</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,572,268)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,179,304)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(75,563)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(464,104)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(43,363)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(60,893)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>373,376</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,022,119)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross revenue</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,629,022</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>784,236</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>68,800</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="TEXT-INDENT: 2px" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>358,399</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>73,278</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(513)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>43,023</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,956,245</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling and administrative expenses</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(490,708)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(108,137)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(14,290)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 2px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(58,283)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(24,978)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,135)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(403,325)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,115,856)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>484,351</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>134,665</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,776</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>109,514</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>25,234</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,714</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,898</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>780,152</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,622,665</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>810,764</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>65,286</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>409,630</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>73,534</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(7,934)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(353,404)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,620,541</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ore</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Electricity</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Elimination </FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Port</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Railway</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Sales by geographic area</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Asia</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>248,663</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,368,608</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,617,271</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>North America</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>322,798</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>79,426</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>402,224</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Latin America</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,982</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>117,982</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Europe</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>424,314</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>268,016</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>692,330</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,023</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>42,023</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Foreign market</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,155,780</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,716,050</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,871,830</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Local market</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,045,510</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>247,490</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>144,363</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>822,503</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>116,641</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>60,380</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(330,353)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,106,534</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>TOTAL</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>8,201,290</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,963,540</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>144,363</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 2px" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>822,503</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>116,641</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>60,380</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(330,353)</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,978,364</FONT></B>&nbsp;</TD></TR></TABLE></DIV></DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 96</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) The ore sales volumes presented in this chart include those of the Company and its stake in subsidiaries (Namisa 60%).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The adjusted EBITDA comprises the net income plus income before taxes, income and social contribution, depreciation and amortization, in addition to other operating revenues (expenses), which are excluded for being non recurring items </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#146;s Board of Executive Officers uses the adjusted EBITDA as means of measuring the recurring generation capacity of operational cash, allowing for comparison criteria with other companies.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="68%"></TD>
     <TD width="15%"></TD>
     <TD width="2%"></TD>
     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,355,118</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,620,541</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(806,169)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(780,152)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other operating expenses (Note 26)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(550,603)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>720,843</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Financial result (Note 27)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,911,458)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(246,435)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income before taxes</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,086,888</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,314,797</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Income and social contribution taxes (Note 10)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(570,697)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(699,616)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net income</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,516,191</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,615,181</FONT></B>&nbsp;</TD></TR></TABLE></DIV></DIV>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Quarterly Information</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>This information was subject to special reviewing procedures by the independent auditors, in accordance with the CVM requirements for Quarterly Financial Information (NPA 06 by IBRACON), and were not audited in the scope of the Financial Statements.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="29%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3/31/2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ore</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Electricity</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate</FONT></B>&nbsp;<BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>expenses /</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Elimination</FONT></B>&nbsp;</TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Port</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Railway</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Result</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tonnes (thousands) - (unaudited) (*)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,261,586</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,178,734</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>226,778</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,667,097</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Local market</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,277,085</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>93,147</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,225</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>202,272</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,019</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,436</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(116,398)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,547,787</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>276,283</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>360,560</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>636,843</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of products and services render</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,514,396)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(190,476)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(16,899)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(110,132)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,960)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(37,113)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95,909</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,781,066)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross revenue</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,038,972</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>263,232</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,326</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>92,141</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>19,059</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(676)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(20,489)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,403,565</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling and administrative expenses</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(146,765)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(31,997)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,661)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(15,884)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,427)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(7,142)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(101,291)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(313,168)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>131,328</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35,506</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,041</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,714</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,625</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,253</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,515)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>198,952</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,023,534</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>266,741</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,705</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>99,971</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,258</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(5,565)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(124,295)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,289,349</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6/30/2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ore</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Electricity</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate</FONT></B>&nbsp;<BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>expenses /</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Elimination</FONT></B>&nbsp;</TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Port</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Railway</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Result</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tonnes (thousands) - (unaudited) (*)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,299,480</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,631,394</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>146,125</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,076,999</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Local market</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,486,787</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>110,544</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,742</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>222,528</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,865</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>39,464</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(48,421)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,865,507</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>272,344</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>734,701</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,007,045</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of products and services render</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,572,285)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(294,661)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19,196)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(126,201)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(9,598)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(26,010)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>70,590</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,977,361)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross revenue</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,186,846</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>550,583</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>7,545</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>96,327</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,267</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,453</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>22,169</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,895,192</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling and administrative expenses</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(144,584)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(36,039)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,660)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,033)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,574)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,898)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(87,889)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(302,676)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>121,123</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,353</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,057</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,105</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,230</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,079</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,125</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>195,072</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,163,385</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>550,897</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,943</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>103,399</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>16,924</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,634</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(63,595)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,787,587</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2010</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ore</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Electricity</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate</FONT></B>&nbsp;<BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>expenses /</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Elimination</FONT></B>&nbsp;</TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Port</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Railway</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Result</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tonnes (thousands) - (unaudited) (*)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,190,720</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,270,703</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>308,489</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,769,912</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Local market</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,202,652</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>158,354</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>31,318</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>228,825</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,339</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>64,493</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(103,906)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,612,076</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>290,156</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,046,601</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,336,757</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of products and services render</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,527,646)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(372,211)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(19,794)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(129,991)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,495)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(50,127)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>113,574</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,999,691)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross revenue</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>965,162</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>832,745</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11,524</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>98,834</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>16,844</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>14,366</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9,668</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,949,142</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling and administrative expenses</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(144,054)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(38,183)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,494)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(53,819)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,342)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,028)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(58,294)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(317,213)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>136,142</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>36,573</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,072</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,123</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,024</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,018</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,009)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>203,944</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>957,250</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>831,135</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10,103</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>69,138</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>16,527</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6,356</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(54,635)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,835,873</FONT></B>&nbsp;</TD></TR></TABLE></DIV></DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 98</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt 0in; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="29%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD>
     <TD width="1%"></TD>
     <TD width="8%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3/31/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ore</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Electricity</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate</FONT></B>&nbsp;<BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>expenses /</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Elimination</FONT></B>&nbsp;</TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Port</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Railway</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Result</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tonnes (thousands) - (unaudited) (*)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>643,381</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,164,614</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,807,995</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Local market</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,414,290</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,571</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>45,273</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>167,336</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30,912</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>254</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(70,659)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,633,977</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>183,745</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>626,259</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>810,004</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of products and services render</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,270,446)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(434,195)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,350)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(106,384)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,545)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(242)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>152,724</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,687,438)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross revenue</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>327,589</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>238,635</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>27,923</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>60,952</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>19,367</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>82,065</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>756,543</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling and administrative expenses</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(104,787)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,147)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,018)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,827)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,977)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,217)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(76,687)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(235,660)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>118,272</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,899</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,667</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,993</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,328</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,307</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(17,083)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>162,383</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>341,074</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>232,387</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>27,572</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>74,118</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>19,718</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>102</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(11,705)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>683,266</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>6/30/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ore</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Electricity</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate</FONT></B>&nbsp;<BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>expenses /</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Elimination</FONT></B>&nbsp;</TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Port</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Railway</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Result</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tonnes (thousands) - (unaudited) (*)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>947,398</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,443,276</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,652</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,415,326</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Local market</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,697,920</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,928</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,120</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>185,158</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,168</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,112</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(71,808)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,924,598</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>217,906</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>349,195</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>567,101</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of products and services render</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,394,503)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(184,545)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(18,145)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(109,180)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(10,209)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(6,955)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,140</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,708,397)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross revenue</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>521,323</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>211,578</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>13,975</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>75,978</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,959</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,843)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(56,668)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>783,302</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling and administrative expenses</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(96,621)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,120)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,940)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(13,264)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,555)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,862)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(123,855)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(269,217)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105,057</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,801</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,674</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,937</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,807</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,349</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,471</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>201,096</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>529,759</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>224,259</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>12,709</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>90,651</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>19,211</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(3,356)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(158,052)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>715,181</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=15 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>9/30/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Steel</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Ore</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Logistics</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Electricity</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Cement</FONT></B></TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Corporate</FONT></B>&nbsp;<BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>expenses /</FONT></B><BR>
<B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Elimination</FONT></B>&nbsp;</TD>
     <TD vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center rowSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Consolidated</FONT></B> </TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Port</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Railway</FONT></B>&nbsp;</TD>
     <TD vAlign=center align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Result</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tonnes (thousands) - (unaudited) (*)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,319,705</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,727,006</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>122,341</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,169,052</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Local market</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,814,461</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>82,764</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,050</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>242,543</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,122</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,864</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(101,358)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,132,446</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Foreign market</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>470,854</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>382,468</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right>&nbsp; </TD>
     <TD bgColor=#eaeaea align=right></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>853,322</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of products and services render</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,534,099)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(304,359)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(20,939)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(117,929)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(11,005)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(23,361)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,144</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,886,548)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Gross revenue</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>751,216</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>160,873</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>20,111</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>124,614</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,117</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>503</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>23,786</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,099,220</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Selling and administrative expenses</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(156,269)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(26,679)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,262)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(12,800)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,479)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(5,742)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(87,624)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(297,855)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>125,629</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35,855</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,666</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>27,951</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,054</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,870</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,247</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>201,272</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Adjusted EBITDA</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>720,576</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>170,049</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>19,515</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>139,765</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,692</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,369)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(62,591)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,002,637</FONT></B>&nbsp;</TD></TR></TABLE></DIV></DIV>
<DIV style="page: WordSection13">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>29.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>EARNINGS PER SHARE</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Basic earnings per share:</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Basic earnings per share is based on profit ascribable to CSN&#146;s controlling of R$2,516,376 (R$2,618,934 in 2009) divided by the weighted average of outstanding common shares during the year (after the stock splitting), except common shares purchased and held in treasury and was calculated as follows: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
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     <TD width="15%"></TD>
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     <TD width="15%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Common Shares</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Common Shares</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Profit attributed to CSN's shareholders</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,516,376</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,618,934</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,516,376</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,618,934</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Weighted average of the number of shares</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,492,453</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,457,970</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,492,453</FONT>&nbsp;</TD></TR>
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     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Basic and Diluted EPS</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.72594</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.75478</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.72594</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.75478</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>30.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>BENEFITS TO EMPLOYEES&nbsp; </FONT></B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Pension plans granted by the Company cover substantially&nbsp; all employees. Plans are administered by a foundation named Caixa Beneficente dos Empregados da CSN (&#147;CBS&#148;), a private non-profit pension fund established in July 1960, which has as its members employees (and ex- employees) of the parent company and certain of its subsidiaries, that joined the fund by agreement, and CBS&#146;s own employees. The board of directors of CBS is comprised of its president and two directors, chosen by CSN, the principal sponsor of CBS. The Deliberative Council is CBS&#146;s higher&nbsp; guidance presided over by the president of the pension fund and composed of ten members, six of them chosen by CSN, the principal sponsor of CBS, and four of them are elected by participants.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Up to December 1995, CBS Previd&#234;ncia administered two benefit plans based on years of service, salary and social security benefits. On December 27, 1995, the Secretaria&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Previd&#234;ncia Complementar (&#147;SPC&#148;) approved the implementation of a new benefit plan, effective as of the abovementioned date, called Plano Misto&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Benef&#237;cio Suplementar (&#147;The Hybrid Plan&#148;), structured&nbsp; in the form of a variable contribution plan. Employees hired after this date may only join the new plan (&#147;Hybrid Plan"). Additionally, all active employees who were participants in the old defined benefit plan were offered the opportunity to switch to the new Hybrid Plan. As of December 31, 2010, CBS had 30,540 participants (28,419 in 2009), which 15,433 were active (12,884 in 2009), 9,888 were retired employees (10,117 in 2009) and 5,219 were beneficiaries (5,418 in 2009). Of the total participants at December 31, 2010, 14,108 belong to the defined benefit plan and 16,432 to hybrid plan.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CBS&#146;s assets are mainly invested in restricted operations (backed by in federal public securities, federal public securities indexed to the inflation, shares, loans and real estate. On December 31, 2010, CBS held 12,788,231 common shares of CSN (70,981,734 common shares on December 31, 2009). In 2010, CBS received R$73 million dividends on shareholders&#146; equity from these shares. The entity&#146;s total pension assets amounted to R$3.4 billion and R$3.6 billion on December 31, 2009 and 2010, respectively. CBS&#146;s fund managers try to combine the plan assets with the benefit liabilities payable in the long term. Brazilian pension funds are subject to certain restrictions related to their investment capacity in foreign assets and, consequently, funds invest mainly in securities in Brazil. &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Description of pension plans</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Plano&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> 35% da media salarial</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This plan, which began on February 1<SUP>st</SUP>, 1996, is a defined benefit plan for the purpose of paying retirements (due to time in service, special cases, disability or age) on a life-long basis, equivalent to 35% of the participant&#146;s adjusted average for the last 12 salaries. The plan also guarantees the payment of a sickness allowance to a participant on sick leave through the Official Pension Plan and it also guarantees the payment of benefits, death grant and a cash grant. This plan became inactive on October 31, 1977, when the supplementation of the average salary plan.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>Plano&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> suplementa&#231;&#227;o da m&#233;dia salarial </FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=PT-BR face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The defined benefit plan began on November 1, 1977. The purpose of this plan is to supplement the difference between the 12 last average adjusted salaries of the participant and the benefit paid by the Social Security Pension Plan (Previd&#234;ncia Oficial) benefit, to the retired employees, on a life-long basis. Like in the 35% Average Salary Plan, there is sickness allowance, death grant and pension coverage. This plan became inactive on December 26, 1995, after the combined supplementary benefits plan has been implemented</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=red face=Arial,sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>Plano Misto&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Benef&#237;cio Suplementar (&#147;Hybrid plan&#148;)</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=PT-BR face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Begun on December 27, 1995, this is a variable contribution plan. Besides the programmed pension benefit, there is the payment of risk benefits (pension in activity, disability and sickness/accident benefit). In this plan, the retirement benefit is calculated based on the total accumulated sponsor&#146;s and participant&#146;s contributions per </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>month, as well as on each participant&#146;s payment option, which may occur by lifetime (with or without receiving death benefit) or by a percentage applied on the balance of the benefit generating fund (loss by indefinite term). Upon the participant&#146;s retirement grant, the plan starts having a defined benefit plan.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></DIV></DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Investment policy</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The investment policy sets forth principles and guidelines that should rule investments from funds of the entity, aiming to promote safety, liquidity and profitability necessary to ensure balance between the plan assets and liabilities, based on the Asset Liability Management (ALM) study, which takes into consideration the benefits of the participants and beneficiaries of each plan. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The investment plan is reviewed on a yearly basis and approved by the Deliberative Council taking into consideration a 5-year period, as set forth by CGPC Rule 7 of December 4, 2003. Investment limits and criteria set forth in the policy are based on Resolution 3792/09, published by the Brazilian Monetary Council (&#147;CMN&#148;). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>c.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Employee benefits</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Obligations recorded in the Balance Sheet</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Pension plan benefits</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67,532</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Post-employment health benefits</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>367,839</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>317,145</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>296,608</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>367,839</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>317,145</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>364,140</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Assets and liabilities conciliation of employee benefits is described as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Present value of defined benefits</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,982,556</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,731,767</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,415,029</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fair value of the plan's assets</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,316,018)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,160,158)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,396,350)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Deficit/(Surplus)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(333,462)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(428,391)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,679</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Restriction to actuarial assets due to recovery limitation</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>280,582</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>380,092</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18,737</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Liabilities/(Assets)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(52,879)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(48,299)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>37,416</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Liabilities</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>67,534</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 2px" bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Assets (*)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(52,879)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(48,299)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(30,118)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Net Liabilities/Assets recognized in the balance sheet</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(52,879)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(48,299)</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>37,416</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Assets from the actuarial valuation were not recorded by the Company as they do not clearly evidence their realization, pursuant to item 59 of CPC 33 &#150; Employee benefits and IAS 19 &#150; Employee benefits. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Present value breakdown of defined benefit liability during the year is as follows:</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="72%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Present value of the obligations in the end of the year</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,731,767</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,415,029</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of services</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,313</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,249</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of interest rates</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>185,285</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>174,122</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Benefits paid</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(166,147)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(148,561)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial losses/(gains)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>225,341</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>287,146</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,999</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2,782</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Present value of obligations at the end of the year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,982,556</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,731,767</FONT></B>&nbsp;</TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=PT-BR face=Arial,sans-serif></FONT></DIV></DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 101</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>Fair value breakdown of plan assets during the year is as follows:</FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="72%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value of assets in the beginning of the year</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,160,158)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(1,396,350)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expected return of the plan's assets</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(218,229)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(176,356)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sponsors' contributions</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(63,109)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(68,890)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Participants' contributions</FONT>&nbsp;</TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,782)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Benefits paid</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>166,147</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>148,561</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial gains/(losses)</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(40,669)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(664,341)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Fair value of the plan's assets on December 31</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,316,018)</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(2,160,158)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Breakdown of amounts to be recognized in the statement of income is as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="72%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of services</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,313</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,249</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of interest rates</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>185,285</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>174,122</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Expected return of the plan's assets</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(218,229)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(176,356)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total unrecognized revenue (*)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(31,631)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(4,467)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Total costs recognized on the statement of income</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD>
     <TD bgColor=#eaeaea align=left></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,482</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total costs (income), net (*)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(31,631)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(985)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Income resulting from the actuarial valuation was not recorded by the Company as it does not clearly evidence its realization, pursuant to item 59 of CPC 33 &#150; Employee benefits, IAS 19 &#150; Employee benefits. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Cost is recognized in the income statement under other operating expenses.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Breakdown of actuarial gains and losses is as follows:</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="72%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial (gains) and losses</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>184,671</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(377,195)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Restriction due to recovery limitation</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(99,509)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>361,355</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total cost actuarial (gain) and losses</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>85,162</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(15,840)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="Z-INDEX: 11; POSITION: absolute; MARGIN-TOP: 0px; WIDTH: 515px; HEIGHT: 71px; MARGIN-LEFT: 0px"></FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>(*) There were no changes in actuarial liabilities/(assets) from 2009 to 2010. The actuarial loss results from fluctuation in investments comprising CBS&#146;s assets portfolio.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>Actuarial gains and losses history is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.95pt">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Present value of the defined benefit</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,982,556</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,731,767</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,415,029</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fair value of the plan's assets</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,316,018)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,160,158)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(1,396,350)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Surplus</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>333,462</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>428,391</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>(18,679)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjustment on the plan's obligations</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>225,341</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>287,146</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjustments on the plan's assets</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>40,669</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>664,341</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=left>&nbsp; </TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.15pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 102</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt 0in; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>The main actuarial assumptions used were as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="39%"></TD>
     <TD width="19%"></TD>
     <TD width="2%"></TD>
     <TD width="19%"></TD>
     <TD width="2%"></TD>
     <TD width="19%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial financing method</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unitary Projected Credit</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unitary Projected Credit</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Unitary Projected Credit</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Functional currency</FONT>&nbsp;</TD>
     <TD vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Real (R$)</FONT>&nbsp;</TD>
     <TD vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Real (R$)</FONT>&nbsp;</TD>
     <TD vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Real (R$)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Accounting of the plan's assets</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Market value</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Market value</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Market value</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Value used as estimate of equity at the end of the year</FONT>&nbsp;</TD>
     <TD vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Best estimate for the equity at the end of the<FONT size=3 face="Times New Roman">&nbsp;</FONT>year, using the projection of amounts<FONT size=3 face="Times New Roman">&nbsp;</FONT>recorded in October</FONT>&nbsp;</TD>
     <TD vAlign=center align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=center>&nbsp; <FONT size=1 face=Arial>Best CBS estimate for 12/31/2009</FONT>&nbsp;</TD>
     <TD vAlign=center align=center></TD>
     <TD vAlign=center align=center>&nbsp; <FONT size=1 face=Arial>Best CBS estimate for 01/01/2009</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Discount rate</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.66%</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.18%</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12.76% - 13.07%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inflation rate</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.40%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.20%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.50%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nominal salary increase rate</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.44%</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.24%</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5.55%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nominal benefit increase rate</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.40%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.20%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.50%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Investment return rate</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.31% - 12.21%</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.21% - 10.78%</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12.93% - 13.21%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>General mortality table</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>AT 2000 by gender</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>AT 2000 by gender</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>AT 2000 by gender</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disability entry table</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mercer Disability with probabilities x 2</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mercer Disability with probabilities x 2</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mercer Disability with probabilities x 2</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Disabled mortality table</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Winklevoss - 1%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Winklevoss - 1%</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Winklevoss</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Turnover table</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2% p.a. millennium plan, null for defined<FONT style="BACKGROUND-COLOR: #eaeaea" size=3 face="Times New Roman">&nbsp;</FONT>benefit plans</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2% p.a. millennium plan, null for defined<FONT style="BACKGROUND-COLOR: #eaeaea" size=3 face="Times New Roman">&nbsp;</FONT>benefit plans</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2% p.a. millennium plan, null for defined<FONT style="BACKGROUND-COLOR: #eaeaea" size=3 face="Times New Roman">&nbsp;</FONT>benefit plans</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Retirement age</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100% on the first date the individual<FONT size=3 face="Times New Roman">&nbsp;</FONT>becomes eligible to a retirement benefit<FONT size=3 face="Times New Roman">&nbsp;</FONT>programmed by the plan</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100% on the first date the individual<FONT size=3 face="Times New Roman">&nbsp;</FONT>becomes eligible to a retirement benefit<FONT size=3 face="Times New Roman">&nbsp;</FONT>programmed by the plan</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100% on the first date the individual<FONT size=3 face="Times New Roman">&nbsp;</FONT>becomes eligible to a retirement benefit<FONT size=3 face="Times New Roman">&nbsp;</FONT>programmed by the plan</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Family breakdown of active participants</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95% will be married at the time of<FONT style="BACKGROUND-COLOR: #eaeaea" size=3 face="Times New Roman"> </FONT>retirement, the wife is 4 years younger than<FONT style="BACKGROUND-COLOR: #eaeaea" size=3 face="Times New Roman">&nbsp;</FONT>the husband</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95% will be married at the time of<FONT style="BACKGROUND-COLOR: #eaeaea" size=3 face="Times New Roman">&nbsp;</FONT>retirement, the wife is 4 years younger<FONT style="BACKGROUND-COLOR: #eaeaea" size=3 face="Times New Roman">&nbsp;</FONT>than the husband</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>95% will be married at the time of<FONT style="BACKGROUND-COLOR: #eaeaea" size=3 face="Times New Roman">&nbsp;</FONT>retirement, the wife is 4 years younger<FONT style="BACKGROUND-COLOR: #eaeaea" size=3 face="Times New Roman">&nbsp;</FONT>than the husband</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>Assumptions regarding the mortality table are based on statistics and mortality tables published. These tables represent an average life expectancy in years of the employee retiring at the age of 65, as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1/1/2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Longevity at the age of 65 for current participants</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Male</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.55</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.55</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18.63</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Female</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.17</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.17</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21.98</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Longevity at the age of 65 for current participants</FONT>&nbsp;</TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Male</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.55</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>19.55</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>18.63</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Female</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.17</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22.17</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>21.98</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The actual return of the plan assets was R$258,898 (R$840,697 on December 31, 2009).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>The asset allocation are presented as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="42%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Variable income</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>234,303</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.12%</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,308,232</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>60.56%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1,961,306</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>84.68%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>756,424</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35.01%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Properties</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>52,352</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.26%</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>41,190</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.92%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>68,057</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.94%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>54,312</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.51%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,316,018</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.00%</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2,160,158</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>100.00%</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The expected return of the assets are presented as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="72%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>&nbsp;</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Variable income</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15.58%</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>12.30%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Fixed income</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.44%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.48%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Properties</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.62%</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.71%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9.62%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>16.05%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>10.31%</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>11.50%</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Variable income assets are mainly invested in CSN&#146;s shares.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.15pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.15pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>Fixed income assets are mainly composed of debentures, interbank deposit certificates ("CDI") and National Treasury Notes (&#147;NTN-B&#148;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.15pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
</DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 103</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></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_144"></A>
<a name="_bclPageBorder144"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<a name="_bclHeader144"></a><DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0pt 0pt 0in; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.15pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>Real properties refer to the buildings valued by a Company specialized in assets valuation. CSN or its subsidiaries do not use any assets.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.15pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.15pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>Referring to the mixed plan which has defined contribution components, the expenses in 2010 totaled R$ 22,514 (R$19,560 in 2009).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>d.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Expected contributions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>Expected contributions of R$64,747 will be paid to the defined benefit plans in 2011. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>For combined supplementary benefit plan, with defined contribution elements, expected contributions of R$25,000 will be paid in 2011. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>e.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Post-employment health care plan</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>It is related to Bradesco health care plan created on December 1<SUP>st</SUP>, 1996 exclusively covering former retired employees, pensioners, those who were granted amnesty, veterans, widows of injured employees and retirees until March 20, 1997 and their respective legal dependents, since then, the health plan does not allow the inclusion of new beneficiaries.&nbsp; The Plan is sponsored by CSN and managed by the Caixa Beneficente dos Empregados da Cia Sider&#250;rgica Nacional &#150; CBS.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Amounts registered in the balance sheet were determined as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="72%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Present value of obligations</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>367,839</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>317,145</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Liabilities</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>367,839</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>317,145</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Interest on actuarial liability was R$35,457 (R$38,440 in 2009)</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The reconciliation of&nbsp; liabilities of health benefits is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="72%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial Liabilities in the beginning of the year</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>317,145</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>296,608</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Cost of current service</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>35,457</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>38,440</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Sponsor's contributions calculated for the previous year</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(33,064)</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(35,136)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Recognition of (Gains)/Losses in the year</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,301</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,232</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Actuarial Liabilities in the end of the year</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>367,839</FONT></B>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#eaeaea align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>317,145</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Actuarial gains and losses registered in shareholders&#146; equity are as follows: </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="72%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Actuarial obligation losses</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,301</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,232</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Losses recognized in shareholders' equity</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>48,301</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>17,232</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>Actuarial gains and losses history is as follows: </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="57%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>01/01/2009 (*)</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Present value of defined benefit</FONT>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>367,839</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>317,145</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>296,608</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Deficit/(Surplus)</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>367,839</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>317,145</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>296,608</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#eaeaea align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Adjustments on the plan's obligations</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>48,301</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>17,232</FONT>&nbsp;</TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#eaeaea align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,023</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) IAS 19/CPC 33 requires a five-year disclosure, however, it does not have to be applied retroactively to an entity applying IFRS/CPCs for the first time.</FONT></P>
</DIV>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 104</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=center><FONT style="mso-bidi-font-size: 6.0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
</DIV>
<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>The effect of a 1% change in the presumed trend rate of health cost is as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="42%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="2%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B></TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Increase</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Decrease</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Increase</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Decrease</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect on total cost of current services and financial cost</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,603</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(3,128)</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,274</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(2,847)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Effect on defined benefit</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>34,122</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(29,617)</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>29,287</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>(25,461)</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif>Actuarial assumptions used to calculate post-employment health benefits were as follows: </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="72%"></TD>
     <TD width="13%"></TD>
     <TD width="2%"></TD>
     <TD width="13%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Biometrics</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>General mortality table</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>AT 2000 by gender</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>AT 2000 by gender</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Turnover</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>N/A</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>N/A</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Family breakdow n</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Real breakdow n</FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=center><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Real breakdow n</FONT>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #f2f2f2" colSpan=4>&nbsp; </TD></TR>
<TR>
     <TD colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Financial</FONT></B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nominal rate of actuarial discount</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10.77%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11.18%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Inflation</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.40%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4.20%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Increase in Medical Assistance Costs due to age</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.50%</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>1.50%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Nominal grow th rate in Medical Assistance Costs</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.31%</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>2.31%</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Average Medical Assistance Costs</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>316.22</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>274.16</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=X-NONE face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>31.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>COMMITMENTS </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>a.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TAKE-OR-PAY CONTRACTS</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 31, 2010 and 2009, the Company had take-or-pay agreements, as shown below:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="9%"></TD>
     <TD width="1%"></TD>
     <TD width="14%"></TD>
     <TD width="1%"></TD>
     <TD width="30%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD>
     <TD width="1%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Payments</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=13 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Minimum future commitments</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG>Company</STRONG><FONT size=3 face="Times New Roman">&nbsp;</FONT><STRONG>engaged</STRONG></FONT>&nbsp;</TD>
     <TD align=center><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif><STRONG></STRONG></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nature of Service</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Contract conditions</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2010</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2012</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2013</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2014</FONT></B>&nbsp;</TD>
     <TD align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>After 2016</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS Log&#237;stica</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Iron ore transportation</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation of at least 80% of the tonnes agreed upon by MRS.</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>157,685</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>92,504</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>136,607</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>136,607</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>136,607</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>136,607</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>136,607</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>68,303</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>751,338</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=left><FONT size=1 face=Arial>MRS Log&#237;stica</FONT>&nbsp;</TD>
     <TD align=left></TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Iron ore, coke and coal<FONT size=3 face="Times New Roman">&nbsp;</FONT>transportation</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation of 8,280,000 tonnes p.a. for coal, coke and other<FONT size=3 face="Times New Roman">&nbsp;</FONT>reduction products is 3,600,000 tonnes p.a.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>259,979</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>7,151</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>133,412</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>100,060</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>233,472</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>FCA</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Mining products transportation</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transportation of at least 1,900,000 tonnes p.a.</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>58,473</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>419</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,085</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,085</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>63,085</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>189,255</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=left><FONT size=1 face=Arial>FCA</FONT>&nbsp;&nbsp; </TD>
     <TD align=left></TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Rail transportation of clinker by<FONT size=3 face="Times New Roman">&nbsp;</FONT>FCA to CSN Cimentos.</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Carriage of at least 675,000 tons of clinker per year in 2011 and<FONT size=3 face="Times New Roman">&nbsp;</FONT>738,000 tons of clinker per year from 2012.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>24,638</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,937</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,937</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,937</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>26,937</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>116,727</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>249,113</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=Arial>ALL</FONT>&nbsp;&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=Arial>Railway transportation of steel</FONT><FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Arial>products</FONT>&nbsp;&nbsp; </TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Railway transportation of at least 20,000 tonnes of steel products in<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT>the month , from the &#193;gua Branca Terminal in S&#227;o Paulo to CSN PR<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT>in Arauc&#225;ria - Paran&#225; .</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>10,214</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,760</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,690</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>18,450</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>White Martins</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Gas supply (oxygen, nitrogen and<FONT size=3 face="Times New Roman">&nbsp;</FONT>argon).</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN is committed to acquire at least 90% of the annual volume of<FONT size=3 face="Times New Roman">&nbsp;</FONT>gas contracted with White Martins.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,008</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>103,098</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,698</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,698</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,698</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,698</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,698</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>88,698</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>532,188</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CEG Rio</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Natural gas supply</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN is committed to acquire at least 286,160.000 m </FONT><SUP><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3 </FONT></SUP><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>of natural gas</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>359,780</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>431,093</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>264,646</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>264,646</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>529,292</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Vale S.A</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Ore pellets supply</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN is committed to acquire at least 90% of the volume of ore<FONT size=3 face="Times New Roman">&nbsp;</FONT>pellets guaranteed by the contract</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>22,268</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>195,221</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141,765</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141,765</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>141,765</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>94,510</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>519,805</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Compag&#225;s</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Natural gas supply</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN is committed to acquire at least 80% of the annual volume of<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT>natural gas contracted with Compag&#225;s .</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,984</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>15,318</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,754</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,754</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,754</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,754</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>11,754</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>105,786</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>164,556</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>COPEL</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Electricity supply</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>CSN is committed to acquire at least 80% of the annual volume of<FONT size=3 face="Times New Roman">&nbsp;</FONT>electricity contracted with COPEL.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,583</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>13,178</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,809</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,809</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,809</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,809</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>8,809</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>52,852</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>96,897</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=Arial>K&amp;K Tecnologia</FONT>&nbsp;&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Supply of mud for blast furnace<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT>generated in the pig iron<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT>production.</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=Arial>CSN is committed to acquire at least 3,000 tonnes monthly of mud for</FONT><FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Arial>blast furnace to be processed at CSN's mud concentration plant</FONT>&nbsp;&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=right></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,480</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,480</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,480</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,480</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>6,480</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>46,980</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>79,380</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=left><FONT size=1 face=Arial>Multiserv Ltda</FONT>&nbsp;&nbsp; </TD>
     <TD align=left></TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Processing of slag resulting from<FONT size=3 face="Times New Roman">&nbsp;</FONT>the production of pig iron and steel.</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>The Multiserver Ltd undertakes to perform the processing of at least<FONT size=3 face="Times New Roman">&nbsp;</FONT>400,000 tons per month of slag to CSN, resulting from the production<FONT size=3 face="Times New Roman">&nbsp;</FONT>of pig iron and steel.</FONT>&nbsp;</TD>
     <TD align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>32,819</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>37,279</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,416</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,416</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>28,416</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>14,208</FONT>&nbsp;</TD>
     <TD align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right>&nbsp; </TD>
     <TD align=right></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>99,456</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>1,015,579</FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>905,475</FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>923,070</FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>880,947</FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>512,551</FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>388,003</FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>279,285</FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>479,346</FONT></B></TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>3,463,202</FONT></B></TD></TR></TABLE></DIV>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0in 2.15pt 0in 2.15pt; mso-table-layout-alt: fixed" border=0 cellSpacing=0 cellPadding=0>
<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="87%">
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
<P style="TEXT-ALIGN: center; TEXT-INDENT: -17.05pt; MARGIN: 0in 0pt 0pt 17.05pt; punctuation-wrap: simple; mso-hyphenate: none" align=center><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<DIV style="page: WordSection13">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Concession agreements</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 31, 2010, the minimum future payments referring to governmental concessions have the following maturities:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>
<TR>
     <TD width="10%"></TD>
     <TD width="1%"></TD>
     <TD width="40%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD>
     <TD width="1%"></TD>
     <TD width="6%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=13 align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Minimum future commitments</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 3px" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Concession</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Nature of service</FONT></B>&nbsp;</TD>
     <TD align=center><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2011</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2012</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2013</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2014</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>2015</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>After 2016</FONT></B>&nbsp;</TD>
     <TD align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>MRS</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=Arial>30-year concession, renewable for another 30 years of iron ore transportation from</FONT><FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Arial>Casa of Pedra mine in Minas Gerais and coke and coal from the Itagua&#237; Port, in Rio</FONT><FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Arial>of Janeiro to Volta Redonda and exports directed to Itagua&#237; and Rio of Janeiro</FONT><FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT><FONT size=1 face=Arial>Ports.</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,480</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,480</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,480</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,480</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>9,480</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,740</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>52,140</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Transnordestina</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>30-year concession granted on December 31, 1997, renewable for another 30 years<FONT size=3 face="Times New Roman">&nbsp;</FONT>to develop the public utility service to operate Brazil's northeast railway system. The<FONT size=3 face="Times New Roman">&nbsp;</FONT>railway system in the northeast region comprises 4,238 km of railway network and</FONT>&nbsp;<FONT size=1 face=Arial>operates in Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio</FONT>&nbsp;<FONT size=1 face=Arial>Grande do Norte.</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,809</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,809</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,809</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,809</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>5,809</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>69,705</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>98,750</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tecar</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Concession to operate TECAR, a solid bulk terminal, one of the four terminals of the<FONT style="BACKGROUND-COLOR: #f2f2f2" size=3 face="Times New Roman">&nbsp;</FONT>Itagua&#237; port located in Rio of Janeiro, maturing in 2022 and renewable for another</FONT>&nbsp;<FONT size=1 face=Arial>25 years.</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>4,556</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,220</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,220</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,220</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>3,220</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>23,099</FONT>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>40,535</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>Tecon</FONT>&nbsp;</TD>
     <TD vAlign=center align=left><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=left><FONT size=1 face=Arial>25-year concession granted on September 3, 1998 , renewable for another 25 years </FONT><FONT size=1 face=Arial>to operate the containers terminal at the Itagua&#237; port.</FONT>&nbsp;</TD>
     <TD vAlign=center align=left></TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,490</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,490</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,490</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,490</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>20,490</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif>215,142</FONT>&nbsp;</TD>
     <TD vAlign=center align=right><FONT size=1 face=ArialMT,Arial,Helvetica,sans-serif></FONT></TD>
     <TD vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>317,592</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD bgColor=#f2f2f2 align=left>&nbsp; </TD>
     <TD bgColor=#f2f2f2 align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>40,335</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>38,999</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>38,999</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>38,999</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>38,999</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>312,686</FONT></B>&nbsp;</TD>
     <TD bgColor=#f2f2f2 vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif></FONT></B></TD>
     <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=center align=right><B><FONT size=1 face=Arial-BoldMT,Arial,Helvetica,sans-serif>509,017</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0in 0in 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>c.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Projects and other commitments</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 35.45pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; 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: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Steelmaking &#150; Flat and long steel</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company has been setting up a long steel plant in the city of Volta Redonda, State of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro, within its main steelmaking facility. CSN intends to produce 500,000 tonnes/year of long steel products, aiming at 400,000 tonnes/year of iron rode and 100,000 tonnes/year of wire rod. Total investment in manufacturing long-steel products will be nearly R$974 million. Facilities will use off scouring and pig iron as main raw material. In addition to this mill, CSN has developed two completely new long steel projects in Brazil, also with 500,000 tonnes/year capacity each. The Company expects these two mills to start production up to the end of 2013. CSN has been developing a flat steel project, with 1.5 million tonnes per year (Mtpa) estimated capacity, in a place to be confirmed yet. </FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 35.45pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; 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: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Iron ore project</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN&#146;s iron ore business includes expansion of mining activities and port facilities. CSN estimates to manufacture 89 million tonnes per year (Mtpa) iron ore products by 2014: 50 million tonnes per year (Mtpa) in Casa&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Pedra and 39 million tonnes per year (Mtpa) in Namisa. The Company expects to finance these investments with the Brazilian Development Bank (BNDES), export credit agencies, security-offering procedures, and free cash flow from its current operations. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition, CSN has invested on increasing the capacity of Port of Itagua&#237; (TECAR) to a level of 84 million tonnes per year (Mtpa). Current annual export capacity is equivalent to 30 million tonnes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition to these projects under implementation, the Company has considered other Greenfield and Brownfield project opportunities, in addition to acquisition options. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>CSN owns the concession to operate TECAR, a solid bulk terminal, one of the four terminals that compose Itagua&#237; Port, located in the city of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro. Coal and coke are imported through this terminal. The concession agreement has a 25-year term, which is renewable for another 25 years.</FONT></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>When the concession is extinguished, all the rights and privileges transferred to CSN will return to CDRJ (Port Authority of Rio&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Janeiro), together with the assets under CSN&#146;s possession and those resulting from its investments in leased assets declared reversible by CDRJ as they are necessary to carry on the service granted. </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 106</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The reversible assets will be indemnified by CDRJ by their residual value of their cost, after deducting depreciation/amortization.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 35.45pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; 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: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cement project</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company has invested R$814 million in a whole new grinding mill in the city of Volta Redonda, already in operation, and a clinker furnace in the city of Arcos, State of Minas Gerais, with 2.4 million tonnes per year (Mtpa) and 830,000 tonnes/year capacity, respectively. This project is a landmark for CSN in the cement market by taking advantage from offscouring coming from its blast furnaces and limestone reserves in the city of Arcos.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In 4Q10, CSN&#146;s cement sales added up to 342,799 tonnes (338,000 in 2009), expecting to reach total production capacity by 2012. These investments have been partially financed by the Brazilian Development Bank (BNDES).&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In addition to this plant, the Company has developed other projects: building an integrated cement plant in the city of Arcos, with an up to 1 million tonnes per year (Mtpa) capacity, and considering the construction of other three cement integrated plants (cement and clinker) in Brazil by 2014, also with 1 million tonnes per year (Mtpa) capacity each. Altogether, these operations and projects will total 6.4 million tonnes per year (Mtpa) capacity until 2014.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 35.45pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; 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: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Nova Transnordestina Project</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In August of 2006, in order to allow the implementation of a main infrastructure project lead by the Brazilian federal government, CSN management team, approved a merger transaction of Transnordestina S.A., the Company which the Nova Transnordestina Project is related, with Companhia Ferrovi&#225;ria do Nordeste - CFN, an controlled Company of CSN, currently called Transnordestina Log&#237;stica S.A., which holds a 30-year concession granted in 1998 to operate Ferrovia Nordestina da RFFSA, with 4,238 km of rail network. Nova Transnordestina Project includes an additional 1,728 km of rail network of last generation gagging. The Company expects that investments allow Transnordestina Log&#237;stica to increase transportation of several products, such as iron ore, limestone, soybean, cotton, sugar cane, oil and fuel. Investments will be financed by means of several agencies, such as Fundo&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Investimento do Nordeste (FINOR), Superintend&#234;ncia&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Desenvolvimento do Nordeste (SUDENE) and the Brazilian Development Bank (BNDES). The Company obtained certain required environmental authorization, acquired some equipment and services and the implementation is in progress in certain regions. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company guarantees loans of Transnordestina from BNDES, totaling R$373.5 million on December 31, 2010. These loans are for the purpose of financing Transnordestina&#146;s infrastructure investments. The maximum amount for future payments which may be required to the guarantor as guarantee is R$373.5.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 35.45pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; 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: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Logistic Platform Project of CSN Itagua&#237;</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>&nbsp;Pursuant to concession terms, CSN is responsible for unloading at least 3.4 million tonnes of coal and coke from CSN&#146;s suppliers through this terminal on an annual basis, as well as third-party loading. Among approved investments disclosed by CSN, highlights to the development and expansion of the solid bulk terminal in Itagua&#237; to deal with up to 130 million tonnes of iron ore per year. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></B></DIV>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 35.45pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; 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: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Long-term agreements with Namisa</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><I><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company entered into long term agreements with Namisa for port operation services and iron ore supply (ROM) of Casa&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Pedra mine, as described below:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>i.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Operational port service agreement</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 30, 2008, CSN signed an agreement for the port services with Namisa, for a period of 34 years, which is related to receive, handle, store and ship iron ore from Namisa in annual volumes ranging from 18.0 million tons and 39.0 million tons. CSN has received approximately R$ 5.3 billion as part of advance due for services to be provided under this agreement. The amount of port services is reviewed quarterly and adjusted, considering changes in the market price of iron ore.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ii.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>High silicon </FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 30, 2008, CSN signed an agreement for the iron ore supply (ROM) of high silica to Namisa, for a period of 30 years, in volumes ranging from 42.0 million tons to 54.0 million tons per years. CSN has received approximately R$ 1.6 billion as part of advance due for the supplies to be made under this agreement. The value of the provision is reviewed quarterly and adjusted, considering changes in the market price of iron ore.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>iii.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Low silicon ROM</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On December 30, 2008, CSN signed an agreement for the supply of crude iron ore (ROM) low silica to Namisa, for a period of 35 years, in volumes ranging from 2.8 million tons to 5.04 million tons per years. CSN has received approximately $ 424 million as part of an advance due for supplies to be made under this agreement. The value of the provision is reviewed quarterly and adjusted, considering changes in the market price of iron ore.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>32.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INSURANCE</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Aiming at properly mitigating risks and in view of the nature of its operations, the Company and its subsidiaries took out several different types of insurance policies. The policies are taken out in line with the Risk Management policy and are similar to insurances taken out by other companies operating in the same line as CSN and its subsidiaries. The coverage of these policies include: National Transportation, International Transportation, Carrier Civil Responsibility, Import, Export, Life and Personal Accidents Insurance, Health, Vehicle Fleet, D&amp;O (Administrator Civil Responsibility Insurance), General Civil Responsibility, Engineering Risks, Sundry Risks, Export Credit, Guarantee Insurance and Port Operator Civil Responsibility. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company also renewed the Property Damage and Loss of Profits insurances to its entities and subsidiaries with the following exceptions: Usina Presidente Vargas, Casa&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Pedra, Minera&#231;&#227;o Arcos, CSN Paran&#225;, Terminal&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Carv&#227;o TECAR (it has Property Damage), which are under negotiation with insurance and reinsurance companies in Brazil and abroad in order to obtain, place and pay these other policies.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The risk assumptions adopted, given their nature, are not part of the scope of a financial statement audit, and, consequently, they were not reviewed by our independent auditors.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>33.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SUBSEQUENT EVENTS</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>On January 26, 2011, the Company released to the market a Material Fact, that it increased its ownership in the capital stock of Usinas Sider&#250;rgicas&nbsp;<FONT style="FONT-SIZE: 9pt" face=Arial>de</FONT> Minas Gerais S.A. &#150; USIMINAS, thorough acquisitions of common and preferred shares. Then the Company held 5.03% common shares and 4.99% preferred shares, as disclosed to the market on January 13, 2011. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN color=black face=Arial,sans-serif>Between January 26 and March 21, 2011, the Company acquired common shares. With these acquisitions, the Company owns 8.62% of common shares.</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 108</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0in" vAlign=top width="13%"> <H2 style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple; mso-hyphenate: none" align=right><FONT style="mso-bidi-font-weight: bold; mso-bidi-font-size: 10.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt" face="Times New Roman,serif"><B><FONT style="FONT-SIZE: 1pt" lang=EN-US face="Times New Roman,serif"></FONT></B></FONT></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>The Company is considering strategies towards its investment in Usiminas, including possible additional share acquisitions higher than mentioned values. Possible additional purchases could lead to changes in Usiminas ownership or management structure. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>On January 28, 2011, CSN merged into subsidiary CSN A&#231;os Longos S.A. The merger optimized processes, reduced and simplified administrative costs, mainly management ones, due to the concentration into one single organizational structure of all commercial, operational and administrative activities of its companies.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>On February 3, 2011, the Company loaned R$2 billion from the Brazilian Federal Savings Bank (Caixa Econ&#244;mica Federal). The operation was carried out by means of line Company Special Credit &#150; Large Corporations, upon the issue of a bank credit note in the loan total amount, due in 94 months. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -14.2pt; MARGIN: 0in 0in 0in 14.2pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>From February 1<SUP>st</SUP> to February 10, 2011, the Company acquired 10,456,086 shares of the capital stock of Mineradora Riversdale Mining Limited, amounting to R$281,438, an indirect interest of 19.98% in the capital stock of Riversdale.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#150; STANDARD FINANCIAL STATEMENTS &#150; December 31, 2010 &#150; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 16pt" lang=EN-US face="Times New Roman,serif">Independent Auditors&#146; Report on the Financial Statements</FONT></B></P>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">(a free translation from the original in Portuguese)</FONT></P>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">To<BR>
</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">The Board of Directors and Shareholders <BR>
</FONT><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Companhia Sider&#250;rgica Nacional<BR>
</FONT><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">Rio&nbsp;<FONT style="FONT-SIZE: 11pt" face="Times New Roman">de</FONT> Janeiro - RJ</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 11pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">We have audited the accompanying individual and consolidated financial statements of Companhia Sider&#250;rgica Nacional (&#147;the Company&#148;), identified as Parent and Consolidated, respectively, which comprises the statement of financial position</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">as at December 31, 2010 and the related statements of income, comprehensive income, changes in shareholders equity and cash flows for the year then ended, as well as a summary of significant accounting policies and other explanatory information.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 11pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Management&#146;s Responsibility for the Financial Statements</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 11pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Management is responsible for the preparation and fair presentation of these individual financial statements in accordance with the accounting practices adopted in Brazil and of these consolidated</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif"> </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">financial statements in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and in accordance with accounting practices adopted in Brazil, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 11pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Independent Auditors&#146; Responsibility </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 11pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Brazilian and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 11pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">An audit involves performing procedures selected to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement in the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity&#146;s preparation and fair presentation of the&nbsp; financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&#146;s internal control.</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=#3366ff face="Times New Roman,serif"> </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 11pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Opinion on the individual financial statements</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 110</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="mso-bidi-font-weight: normal"><FONT style="mso-bidi-font-size: 6.0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)</FONT></B></FONT></FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>DFP &#8211; STANDARD FINANCIAL STATEMENTS &#8211; December 31, 2010 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR"></FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 11pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">In our opinion, the aforementioned individual financial statements present fairly, in all material respects, the individual financial position of Companhia Sider&#250;rgica Nacional as at December 31, 2010, and its financial performance and its cash flows for the year then ended in accordance with the accounting practices adopted in Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Opinion on the consolidated financial statements</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 11pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">In our opinion, the aforementioned consolidated financial statements present fairly, in all material respects, the consolidated financial position of Companhia Sider&#250;rgica Nacional as of December 31, 2010, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the accounting practices adopted in Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 11pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">&nbsp;Emphasis of matter paragraph</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 11pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">As mentioned in note 2, the individual financial statements were prepared in accordance with the accounting practices adopted in Brazil. In the case of Companhia Sider&#250;rgica Nacional these practices differ from the IFRS, applicable to the separate financial statements, only with respect to the measurements of investments in subsidiaries, associated companies and jointly controlled entities measured by the equity method, while for IFRS purposes these investments would be measured at cost or fair value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 11pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">As mentioned in note 32 to the financial statements, the Company has been negotiating with insurance and reinsurance companies in Brazil and abroad, in order to obtain insurance coverage for property damages and business interruption in certain sites of the Company.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Other matters</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Statements of added value </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 11pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">We also examined the individual and consolidated statements of added value (DVA), which are the responsibility of Company&#8217;s management, for the year ended on December 31, 2010, for which the disclosure is required by Brazilian corporation laws applicable to publicly-held companies and is an additional information for IFRS which does not require this disclosure. These statements were submitted to the same audit procedures previously described and, in our opinion, are fairly presented in all its material respects, in relation to the financial statements taken as whole.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">S&#227;o Paulo, March 22, 2011</FONT></P>

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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face="Times New Roman,serif">KPMG Auditores Independentes</FONT></P>

<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">CRC SP-014428/O-6 F-RJ</FONT></P>

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<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Original in Portuguese signed by</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Anselmo Neves Macedo</FONT></P>

<P style="MARGIN: 0in 0in 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman,serif">Accountant CRC SP-160482/O-6 S-RJ</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 111</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>115</FONT></B></FONT></B></P>

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<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>

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<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;April 13, 2011</FONT></DIV>

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   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL </FONT></DIV></TD></TR>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

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   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Benjamin Steinbruch </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Chief Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

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   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Paulo Penido Pinto Marques </FONT></DIV>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Paulo Penido Pinto Marques </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Chief Financial Officer and Investor Relations Officer<BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

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

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
