<SEC-DOCUMENT>0001292814-11-001509.txt : 20110519
<SEC-HEADER>0001292814-11-001509.hdr.sgml : 20110519
<ACCEPTANCE-DATETIME>20110519164507
ACCESSION NUMBER:		0001292814-11-001509
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20110331
FILED AS OF DATE:		20110519
DATE AS OF CHANGE:		20110519

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		11858419

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>siditr1q11_6k.htm
<DESCRIPTION>ITR 1Q11
<TEXT>

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<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>

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

<DIV><FONT size=1></FONT>&nbsp;</DIV>

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<DIV><FONT size=1></FONT>&nbsp;</DIV>

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

<DIV><FONT size=1></FONT>&nbsp;</DIV>

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

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

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center>

<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of May, 2011</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</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>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center></DIV>

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

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Translation of Registrant's name into English)</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

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

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

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<P></P>

<P></P>

<P></P>

<P></P>

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

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

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<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Table of Contents</FONT></B></H1>

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   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; BORDER-TOP: #bfbfbf 1pt solid" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Company Information</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; BORDER-TOP: #bfbfbf 1pt solid" vAlign=bottom width="5%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Capital Breakdown</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>1</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Parent Company Financial Statements </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Balance Sheet &#8211; Assets</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>2</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Balance Sheet &#8211; Liabilities and Shareholders&#8217; Equity</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Statement of Income</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>4</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Statement comprehensive of Income</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>5</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Statement of Cash Flows</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>6</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Statement of Changes in Shareholders&#8217; Equity (DMPL)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 1cm; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>DMPL &#8211; 01/01/2010 to 03/31/2011</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>7</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 1cm; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>DMPL &#8211; 01/01/2010 to 03/31/2010</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>8</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Statement of Added value</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>9</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Consolidated Financial Statements</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Balance Sheet - Assets</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>10</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Balance Sheet - Liabilities and Shareholders&#8217; Equity</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>11</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Statement of Income</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>12</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Statement of Comprehensive Income</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>13</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Statement of Cash Flows</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>14</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Statement of Changes in Shareholders&#8217; Equity (DMPL)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 1cm; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>DMPL &#8211; 01/01/2010 to 03/31/2011</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>15</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 1cm; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>DMPL &#8211; 01/01/2010 to 03/31/2010</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>16</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Statement of Added value</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>17</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Management Report/Comments on the Company&#8217;s Consolidated Performance</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>18</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="95%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Notes to the Financial Statements</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>32</FONT></P></TD></TR>

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   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Opinions and Statements</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 6pt 0cm 3pt 14.2pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Special Review Report - Unqualified</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>110</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="87%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Company Information / Capital Breakdown</FONT></B></P>

<P style="MARGIN: 0cm 0cm 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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<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #bfbfbf; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Number of Shares</FONT></B></P>

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(units)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #bfbfbf; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Current Quarter</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>03/31/2011 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #bfbfbf; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Paid in Capital</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Common</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,483,033,685</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

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   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Preferred</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,483,033,685</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Treasury Shares</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #d9d9d9; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Common</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>25,063,577</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Preferred</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>25,063,577</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: #f2f2f2; HEIGHT: 14.2pt; PADDING-TOP: 0cm" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0cm 3pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>1</FONT></B></FONT></B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

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<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Current Quarter</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>03/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total assets</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>40,067,801</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>37,368,812</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Current assets</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>8,068,468</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5,519,090</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,519,645</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>108,297</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Trade Accounts Receivables</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,553,077</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,180,972</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.03.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accounts receivables</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,543,518</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,355,191</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.03.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,009,559</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>825,781</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Inventory</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,513,726</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,706,713</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.06</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Taxes recoverable</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>237,268</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>257,559</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Prepaid expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>27,662</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4,189</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.08</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other current assets</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2 17,090</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>261,360</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-current assets</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>31,999,333</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>31,849,722</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Long-term assets</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4,760,678</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,371,380</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.01.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Receivables</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>14,485</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>18,982</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.01.06</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Deferred taxes</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>922,961</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>854,437</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.01.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Prepaid expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>26,795</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>27,540</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.01.08</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Receivables from related parties</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>790,329</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,471,325</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.01.09</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other non-current assets</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,006,108</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,999,096</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Investments</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>18,165,639</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>17,023,295</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>9,051,273</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>8,432,416</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>21 ,743</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.85pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>22,631</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Parent Company Financial Statements / Balance Sheet &#8211; Liabilities</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.4pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Current Quarter</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.4pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>03/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.4pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.4pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>40,067,801</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>37,368,812</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Current liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,403,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5,087,912</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Social and labor liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>107,061</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>108,271</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>368,797</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>427,048</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Tax liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>132,369</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>74,967</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,576,099</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,366,347</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,010,955</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,910,991</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>207,974</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>200,288</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-current liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>25,410,615</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>24,648,140</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>14,024,949</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>12,817,002</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>8,649,782</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>9,107,570</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,735,884</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,723,568</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Tax, social security, labor and civil provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,339,997</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,297,650</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.04.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Tax provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,935,186</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,892,345</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.04.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Social security and labor provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>36,972</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>36,966</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.04.01.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Provisions for employee benefits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>367,839</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>367,839</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: 0.05pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.04.01.04 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Civil&nbsp; provisions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>500</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.04.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>395,887</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>425,918</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Shareholders&#8217; equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>8,253,931</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7,632,760</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Paid-up capital stock</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Capital reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Profit reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,119,798</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,119,798</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Legal reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>336,190</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>336,190</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.04.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Unrealized profit reserve </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,779,357</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,779,357</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.04.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Additional proposed dividend</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,227,703</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,227,703</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.04.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Treasury shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-570,176</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-570,176</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.04.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Investment reserve</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,346,724</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,346,724</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Retained earnings/accumulated losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>500,507</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other comprehensive income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-47,351</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.1pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-168,015</FONT></P></TD></TR>

<TR height=0>

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

   <TD width="61%">&nbsp;</TD>

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

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

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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

&nbsp; <A name="page_5"></A>

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

<a name="_bclHeader5"></a><DIV>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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-COLLAPSE: collapse; mso-padding-alt: 0cm 2.15pt 0cm 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: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Current Year 01/01/2011 to 03/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.3pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Previous Year 01/01/2010 to 03/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Revenue from sales and/or services</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,570,165</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,549,343</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Cost of goods sold and/or services rendered</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,726,681</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,426,717</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Gross income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>843,484</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,122,626</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Operating&nbsp; expenses/income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>203,013</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-159,704</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.04.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-81,102</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-171,723</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.04.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-73,873</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-71,219</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.04.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other operating income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4,809</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4,852</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.04.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other operating expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-143,583</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-163,974</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.04.06</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Equity pick-up</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>496,762</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>242,360</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Income before financial result and taxes</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,046,497</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>962,922</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.06</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Financial result</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-470,929</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-558,824</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Income before taxes</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>575,568</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>404,098</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.08</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Income and social contribution taxes</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>41,951</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>44,840</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.09</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net income of continued operation </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>617,519</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>448,938</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.11</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net income/loss for the period</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>617,519</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>448,938</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.99</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Earnings per share - (in Reais)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.99.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Basic earnings per share</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.99.01.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Common </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0.42355</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0.30792</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.99.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Diluted earnings per share</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.99.02.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Common </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0.42355</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0.30792</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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

&nbsp; <A name="page_6"></A>

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

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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-COLLAPSE: collapse; mso-padding-alt: 0cm 2.15pt 0cm 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="87%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Current Year 01/01/2011 to 03/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.3pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Previous Year 01/01/2010 to 03/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net income/loss for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.8pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>617,519</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.8pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>448,938</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.8pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>120,664</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.8pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>85,628</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accumulated transation adjustments and foreign exchange gain of long term investment nature</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.8pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-10,852</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.8pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-29,119</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Pension plans, net of taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.8pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.8pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,834</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Available-for-sale assets, net of taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.8pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>131 ,516</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.8pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>110,913</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Comprehensive income for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.8pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>738,183</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.8pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>534,566</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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-COLLAPSE: collapse; mso-padding-alt: 0cm 2.15pt 0cm 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="87%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 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 &#8211; Indirect Method</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Current Year 01/01/2011 to 03/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.3pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Previous Year 01/01/2010 to 03/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net cash from operating activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>226,479</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>434,002</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Cash generated in the operations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>619,794</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,168,351</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net income for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>617,519</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>448,938</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Provision for charges on loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>580,918</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>456,602</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Depreciation , depletion&nbsp; and amortization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>176,852</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>157,212</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Equity pick-up</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-496,762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-242,360</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Deferred income and social contribution taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-90,362</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-54,639</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Provision for contingencies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>8,435</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>34,881</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net monetary and exchange variations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-200,788</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>242,817</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>23,982</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>124,900</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Variation on assets and liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-393,315</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-734,349</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-306,821</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-197,402</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Inventory</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>200,655</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-263,221</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Credit with subsidiaries and affiliated companies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>51 ,414</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>20,417</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Recoverable taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>46,473</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>198,242</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-63,328</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-17,686</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Salaries and payroll charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-8,849</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-3,786</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>82,351</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>89,155</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accounts payable to subsidiaries</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>10,775</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>9,160</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Contingent liabilities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>48,198</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-42,398</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Financial institutions &#8211; interest rates</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-338,748</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-316,481</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Tax installment payment - REFIS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-48,325</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-157,236</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Judicial deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-9,284</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-6,538</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest paid on swaps -</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-5,519</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-52,307</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-46,575</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net cash from investment activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-929,522</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-2,454,795</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-583,886</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-2,534,258</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-345,648</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-219,769</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Cash from the merger of subsidiary</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>299,232</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net cash from financing activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,114,418</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>829,499</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,351,379</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,228,350</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Financial institutions - principal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-236,961</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-398,851</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Exchange variation over cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-27</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>21</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Increase (decrease) of cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,411,348</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,191,273</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Opening balance of cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>108,297</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,872,919</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.05.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Closing balance of cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,519,645</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.05pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,681,646</FONT></P></TD></TR>

<TR height=0>

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

   <TD width="61%">&nbsp;</TD>

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

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

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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 vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 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&#8217; Equity / DMPL &#8211; 01/01/2011 to 03/31/2011</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="10%">

   <P style="MARGIN: 0cm 3.6pt 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 7.9pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Paid-in </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 7.9pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Capital</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0.4pt; MARGIN: 0cm 2.35pt 0pt 7.2pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Capital Reserves, Options Granted and Treasury Shares</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Profit </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Reserves</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0.2pt; MARGIN: 0cm 2.35pt 0pt 10.6pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accumulated Profit/Losses</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.2pt; MARGIN: 0cm 2.35pt 0pt 11pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other Comprehensive Income</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Shareholders&#8217; Equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Opening balances</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,119,798</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-168,015</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7,632,760</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Adjusted opening balances</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,119,798</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-168,015</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7,632,760</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Capital operations with shareholders</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-117,012</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-117,012</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.04.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest on shareholders&#8217; equity</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-117,012</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-117,012</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>617,519</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>120,664</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>738,183</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net income for the period</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>617,519</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>617,519</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>120,664</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>120,664</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.02.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Translation adjustments for the period</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-10,852</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-10,852</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.02.08</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>131 ,516</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>131 ,516</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Closing balances</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,119,798</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>500,507</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-47,351</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>8,253,931</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 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&#8217; Equity / DMPL &#8211; 01/01/2010 to 03/31/2010</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="10%">

   <P style="MARGIN: 0cm 3.6pt 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 7.9pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Paid-in </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 7.9pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Capital</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0.4pt; MARGIN: 0cm 2.35pt 0pt 7.2pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Capital Reserves, Options Granted and Treasury Shares</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Profit </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Reserves</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0.2pt; MARGIN: 0cm 2.35pt 0pt 10.6pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accumulated Profit/Losses</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.2pt; MARGIN: 0cm 2.35pt 0pt 11pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other Comprehensive Income</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Shareholders&#8217; Equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Opening balances</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5,444,605</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-33,417</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-585,715</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,506,450</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Adjusted opening balances</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5,444,605</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-33,417</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-585,715</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,506,450</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Capital operations with shareholders</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-89,200</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-89,200</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.04.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest on shareholders&#8217; equity</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-89,200</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-89,200</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>448,938</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>85,628</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>534,566</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net income for the period</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>448,938</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>448,938</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>85,628</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>85,628</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.02.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Translation adjustments for the period</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-29,119</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-29,119</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.02.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Pension plan gain/loss</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,834</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,834</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.02.08</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>110,913</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>110,913</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Closing balances</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5,444,605</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>326,321</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-500,087</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,951,816</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter9"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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

&nbsp; <A name="page_10"></A>

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

<a name="_bclHeader10"></a><DIV>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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-COLLAPSE: collapse; mso-padding-alt: 0cm 2.15pt 0cm 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="87%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Current Year 01/01/2011 to 03/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.3pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Previous Year 01/01/2010 to 03/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,217,361</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,201,460</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Sales of goods, products and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,214,209</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,240,292</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-9</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,005</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Allowance for/reversal of doubtful accounts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,161</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-40,837</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Input acquired from third parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,948,397</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,954,915</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Costs of products, goods and services sold</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,664,311</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,528,273</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Materials, energy, third party services and other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-275,055</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-419,894</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Loss/recovery of assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-9,031</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-6,748</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Gross added value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,268,964</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,246,545</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Retention</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-176,852</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-157,212</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Depreciation, amortization and depletion</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-176,852</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-157,2 12</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net added value produced</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,092,112</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,089,333</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Added value received in transfers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>546,838</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>357,526</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Equity pick-up</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>496,762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>242,360</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.06.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Financial income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>61,426</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>111,865</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.06.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-11,350</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,301</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total added value to distribute</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,638,950</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,446,859</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Distribution of added value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,638,950</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,446,859</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Personnel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>246,684</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>143,786</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Direct compensation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>195,330</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>108,225</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Benefits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>40,479</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>27,172</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Government Severance Indemnity Fund for Employees (FGTS)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>10,875</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>8,389</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Taxes, fees and contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>261,029</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>348,403</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Federal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>193,775</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>249,634</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>State</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>59,790</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>93,180</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Municipal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7,464</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5,589</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Third party Capital Remuneration</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>513,718</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>505,732</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>691 ,535</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>504,851</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Rentals</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>881</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.03.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-177,847</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Remuneration of shareholders&#180;equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>617,519</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>448,938</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest on shareholders&#8217; equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>117,012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>89,204</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.04.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Retained earnings / accumulated losses for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>500,507</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>359,734</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" 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;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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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<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; mso-padding-alt: 0cm 2.15pt 0cm 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="87%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Current Quarter</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>03/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>40,271,285</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>37,801,214</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>17,227,030</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>15,793,688</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>11,115,047</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>10,239,278</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Trade accounts receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,992,827</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,367,759</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accounts receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,396,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,259,461</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>596,137</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>108,298</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Inventory</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,285,739</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,355,786</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Taxes recoverable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>475,735</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>473,787</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Prepaid expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>38,694</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>12,997</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.01.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>318,988</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>344,081</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>23,044,255</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>22,007,526</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Long-term assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5,165,612</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5,664,879</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Financial investments valued at amortized cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>112,642</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>112,484</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>51,397</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>58,485</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.01.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Deferred taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,559,215</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,592,941</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.01.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Prepaid expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>116,154</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>115,755</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.01.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Receivables from related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>479,120</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.01.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other non-current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,326,204</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,306,094</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,104,520</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,103,624</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>14,309,434</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>13,776,567</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Intangible assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>464,689</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>462,456</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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

&nbsp; <A name="page_12"></A>

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

<a name="_bclHeader12"></a><DIV>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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-COLLAPSE: collapse; mso-padding-alt: 0cm 2.15pt 0cm 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="87%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Consolidated Financial Statements / Balance Sheet &#8211; Liabilities</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Current Quarter</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>03/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 4.15pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>40,271,285</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>37,801,214</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Current liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5,312,080</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4,455,955</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Social and labor liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>164,643</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>164,799</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Suppliers</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>598,556</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>623,233</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Tax liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>277,607</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>275,991</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,999,792</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,308,632</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,999,978</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,854,952</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01.06</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>271,504</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>228,348</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01.06.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Tax, social security, labor and civil provisions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>265,617</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>222,461</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.01.06.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other provisions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5,887</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5,887</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-current liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>26,517,398</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>25,522,571</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>19,779,921</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>18,780,815</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4,059,565</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4,067,435</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Deferred taxes</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>10,321</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Provisions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,667,591</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,674,321</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.04.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Tax, social security, labor and civil provisions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,376,246</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,384,681</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.04.01.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Tax provisions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,940,983</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,911,260</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.04.01.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Social security and labor provisions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>64,655</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>82,373</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.04.01.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Provisions for employee benefits</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>367,839</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>367,839</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.04.01.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Civil provisions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,769</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>23,209</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.02.04.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other provisions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>291,345</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>289,640</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Consolidated shareholders&#8217; equity</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>8,441,807</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7,822,688</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Paid-in capital </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 14.3pt 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Capital reserves</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Profit reserves</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,119,798</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,119,798</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.04.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Legal reserve</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>336,190</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>336,190</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.04.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Unrealized profit reserve </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,779,357</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,779,357</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.04.08</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Additional proposed dividends</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,227,703</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,227,703</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.04.09</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Treasury shares</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-570,176</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-570,176</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.04.10</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Investment reserve</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,346,724</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,346,724</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Retained earnings/accumulated losses</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>500,507</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.08</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other comprehensive income </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-47,351</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-168,015</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2.03.09</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.8pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>187,876</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.65pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>189,928</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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

&nbsp; <A name="page_13"></A>

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

<a name="_bclHeader13"></a><DIV>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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-COLLAPSE: collapse; mso-padding-alt: 0cm 2.15pt 0cm 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="87%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="13%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Current Year 01/01/2011 to 03/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Previous Year 01/01/2010 to 03/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Revenue from sales and/or services</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,789,008</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,184,630</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Cost of goods sold and/or services rendered</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-2,232,828</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,781,066</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Gross income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,556,180</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,403,564</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Operating&nbsp; expenses/income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-366,754</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-447,263</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.04.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-120,002</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-201,870</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.04.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-121 ,309</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-111,301</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.04.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other operating income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>15,585</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>24,305</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.04.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other operating expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-141 ,028</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-158,397</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Income before financial result and taxes</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,189,426</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>956,301</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.06</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Financial result</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-518,436</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-477,907</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Income before taxes</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>670,990</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>478,394</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.08</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Income and social contribution taxes</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-55,295</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-31,124</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.09</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net income of continued operations </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>615,695</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>447,270</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.11</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Consolidated income/loss for the period</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>615,695</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>447,270</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.11.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>To partners of the parent company</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>617,519</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>448,938</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.11.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>To non-controlling partners</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,824</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,668</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.99</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Earnings per share - (in Reais)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.99.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Basic earnings per share</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.99.01.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Common</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0.42355</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0.30792</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.99.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Diluted earnings per share</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3.99.02.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Common</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0.42355</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0.30792</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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

&nbsp; <A name="page_14"></A>

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

<a name="_bclHeader14"></a><DIV>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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-COLLAPSE: collapse; mso-padding-alt: 0cm 2.15pt 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Individual Financial Statements / Statement of Comprehensive Income</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Current Year 01/01/2011 to 03/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Previous Year 01/01/2010 to 03/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net income/loss for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>615,695</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>447,270</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>120,664</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>85,628</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accumulated transation adjustments and foreign exchange gain of long term investment nature</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-10,852</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-29,119</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Pension plans, net of taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,834</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Available-for sale assets, net of taxes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>131 ,516</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>110,913</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Comprehensive income for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>736,359</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>532,898</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Attributed to the parent company partners</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>736,359</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.5pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>532,898</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter14"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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

&nbsp; <A name="page_15"></A>

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

<a name="_bclHeader15"></a><DIV>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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-COLLAPSE: collapse; mso-padding-alt: 0cm 2.15pt 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Consolidated Financial Statements / Statement of Cash Flows &#8211; Indirect Method</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Current Year 01/01/2011 to 03/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Previous Year 01/01/2010 to 03/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net cash from operating activities</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>917,687</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>272,038</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Cash generated in the operations</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,374,274</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,172,086</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net income for the year</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>615,695</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>447,270</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Provision for charges on loans and financing</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>462,403</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>351,320</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Depreciation , depletion&nbsp; and amortization</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>221 ,519</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>202,298</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Deferred income and social contribution taxes</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-41,375</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-6,511</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.06</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Provision for swap/forward</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>111,584</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-143,040</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Provision for contingencies</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-6,450</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>404</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.08</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net monetary and exchange variations</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-38,381</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>214,025</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.01.12</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other provisions</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>49,279</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>106,320</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Variation on assets and liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-456,587</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-900,048</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Receivables</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-123,176</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>48,583</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Inventory</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>187,998</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-431,918</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Recoverable taxes</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>89,103</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>232,487</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Suppliers</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-27,658</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>41,850</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Salaries and payroll charges</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>9,537</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,631</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.06</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Taxes</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-11,711</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-27,917</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Contingent liabilities </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>17,664</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-18,005</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.08</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Financial institutions &#8211; interest rates</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-353,345</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-360,457</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.10</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Tax installment payment - REFIS</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-48,599</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-157,532</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.11</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Judicial deposits</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-14,351</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-7,568</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.12</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest paid on swaps </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-117,705</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-176,223</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.01.02.13</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-64,344</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-41,717</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net cash from investment activities</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,663,848</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-520,067</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.02.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Receipt/payment from derivative operations</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-30,845</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>153,486</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.02.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Investments</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-809,955</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-222,689</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.02.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-819,722</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-433,980</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.02.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-3,326</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-16,884</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net cash from financing activities</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,788,049</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,269,090</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.03.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,129,169</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,651,374</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.03.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Financial institutions - principal</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-341,120</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-382,284</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Exchange variation over cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-166,119</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>41,104</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Increase (decrease) of cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>875,769</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,062,165</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.05.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Opening balance of cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>10,239,278</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>8,086,742</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6.05.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Closing balance of cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>11,115,047</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 5.95pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>9,148,907</FONT></P></TD></TR>

<TR height=0>

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

   <TD width="61%">&nbsp;</TD>

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

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

<P style="MARGIN: 0cm 0cm 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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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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%; BORDER-COLLAPSE: collapse; mso-padding-alt: 0cm 2.15pt 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Individual Financial Statements / Statement of Changes in Shareholders&#8217; Equity / DMPL &#8211; 01/01/2011 to 03/31/2011</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="9%">

   <P style="MARGIN: 0cm 3.6pt 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Paid-in </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Capital</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0.4pt; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Capital Reserves, Options Granted and Treasury Shares</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Profit </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Reserves</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0.2pt; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accumulated Profit/Losses</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.2pt; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other Comprehensive Income</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Shareholders&#8217; Equity</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Controlling Interest</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Consolidated Shareholders&#8217; Equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Opening balances</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,119,798</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-168,015</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7,632,760</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>189,928</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7,822,688</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Adjusted opening balances</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,119,798</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-168,015</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7,632,760</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>189,928</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7,822,688</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Capital operations with shareholders</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-117,012</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-117,012</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-117,012</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.04.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest on shareholders&#8217; equity</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-117,012</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-117,012</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-117,012</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>617,519</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>120,664</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>738,183</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,824</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>736,359</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net income for the period</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>617,519</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>617,519</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,824</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>615,695</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>120,664</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>120,664</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>120,664</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.02.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Translation adjustments for the period</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-10,852</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-10,852</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-10,852</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.02.08</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>131,516</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>131 ,516</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>131 ,516</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.06</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Internal changes to shareholders&#8217; equity</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-228</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-228</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.06.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest in subsidiaries by non-controlling shareholders</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-228</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-228</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Closing balances</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,119,798</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>500,507</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-47,351</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>8,253,931</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>187,876</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 2.35pt 0pt 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>8,441,807</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Individual Financial Statements / Statement of Changes in Shareholders&#8217; Equity / DMPL &#8211; 01/01/2010 to 03/31/2010</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="9%">

   <P style="MARGIN: 0cm 3.6pt 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Paid-in </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Capital</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0.4pt; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Capital Reserves, Options Granted and Treasury Shares</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Profit </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Reserves</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: 0.2pt; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accumulated Profit/Losses</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.2pt; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other Comprehensive Income</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Shareholders&#8217; Equity</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-Controlling Interest</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Consolidated Shareholders&#8217; Equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Opening balances</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5,444,605</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-33,417</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-585,715</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,506,450</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,506,450</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.03</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Adjusted opening balances</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5,444,605</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-33,417</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-585,715</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,506,450</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,506,450</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Capital operations with shareholders</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-89,200</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-89,200</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-89,200</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.04.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest on shareholders&#8217; equity</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-89,200</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-89,200</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-89,200</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>448,938</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>85,628</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>534,566</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,668</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>532,898</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net income for the period</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>448,938</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>448,938</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,668</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>447,270</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.02</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>85,628</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>85,628</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>85,628</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.02.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Translation adjustments for the period</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-29,119</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-29,119</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-29,119</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.02.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Pension plan gain/loss</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,834</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,834</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,834</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.05.02.08</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>110,913</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>110,913</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>110,913</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.06</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Internal changes to shareholders&#8217; equity</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>170,111</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>170,111</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.06.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest in subsidiaries by non-controlling shareholders</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>170,111</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>170,111</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5.07</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="19%">

   <P style="MARGIN: 0cm 0cm 0pt 2.1pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Closing balances</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,680,947</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>5,444,605</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>326,321</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-500,087</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>6,951,816</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>168,443</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 1.55pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7,120,259</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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-COLLAPSE: collapse; mso-padding-alt: 0cm 2.15pt 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information - March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Consolidated Financial Statements / Statement of Value Added</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 5pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>R$ (in thousands)</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Description</FONT></B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Current Year 01/01/2011 to 03/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accrued in Previous Year 01/01/2010 to 03/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4,503,966</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,911,698</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Sales of goods, products and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4,506,855</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>3,949,987</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-4,580</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,986</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Allowance for/reversal of doubtful accounts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,691</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-40,275</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Input acquired from third parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-2,298,684</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-2,205,565</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Costs of products, goods and services sold</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,968,417</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,766,103</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Materials, energy, third party services and other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-319,708</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-433,289</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Loss/recovery of assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-10,559</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-6,173</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Gross added value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>2,205,282</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,706,133</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Retention</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-221 ,519</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-202,298</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Depreciation, amortization and depletion</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-221,519</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-202,298</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net added value produced</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,983,763</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,503,835</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Added value received in transfers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-117,402</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>190,247</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.06.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Financial income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>139,082</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>182,164</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.06.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-256,484</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>8,083</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total added value to distribute</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,866,361</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,694,082</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Distribution of added value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,866,361</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,694,082</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Personnel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>375,852</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>240,087</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Direct compensation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>296,564</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>183,865</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Benefits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>61,354</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>43,125</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Government Severance Indemnity Fund for Employees (FGTS)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>17,934</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>13,097</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Taxes, fees and contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>479,671</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>503,622</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Federal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>367,708</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>377,709</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>State</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>102,024</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>118,293</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Municipal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>9,939</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7,620</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Third party capital remuneration</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>395,143</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>499,767</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>563,726</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>495,462</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Rentals</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,631</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>4,305</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.03.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-170,214</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>0</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Remuneration of shareholders&#180; equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>615,695</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>450,606</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest on shareholders&#8217; equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>117,012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>89,204</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.04.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Retained earnings / accumulated losses for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>500,507</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>359,734</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>7.08.04.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="61%">

   <P style="MARGIN: 0cm 0cm 0pt 1.4pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Non-controlling interest in retained earnings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>-1,824</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 3.7pt 0pt 0cm; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>1,668</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter18"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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

&nbsp; <A name="page_19"></A>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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 vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information</FONT><FONT style="mso-spacerun: yes"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif>Comments on the Company&#8217;s Consolidated Performance</FONT></B></P>

<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 12pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif">Economic and Sector Scenario </FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The global economic recovery is gaining strength. According to the IMF, the prospects for 2011 and 2012 are improving and GDP growth in emerging and developed countries is expected to average 2.5% and 6%, respectively. Capital and trade flows between emerging and developed nations are moving up and both business and consumer confidence are increasing. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="DISPLAY: none" face="Times New Roman,serif"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Despite the overall optimism, however, inflation is a growing concern for governments in many emerging markets. The upturn in commodity prices has been higher than expected, reflecting a strong growth in demand and reduced supply.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">USA: &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The U.S. economy continues to recover in 2011. The IMF expects annual GDP growth of 2.8% and believes financial conditions in general are improving despite scarce credit and the deleveraging of the property market. The low level of corporate debt and easier access to bank loans, not only for major corporations, but also for small and medium enterprises, has had a positive impact on business confidence. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Also according to the IMF, U.S. capital flows are back to pre-crisis levels and are mostly directed to the emerging economies. According to the U.S. Treasury Department, the Consumer Price Index in March 2011 increased by 0.5% over the previous month and 2.7% over March 2010, basically due to the surge in commodity and gasoline prices. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">According to the Federal Reserve, interest rates in March 2011 stood at 0.25%, having remained at that level since December 2008.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The IMF believes more attention should be given to lowering the projected deficit in 2011. Although measures to reduce maintenance costs and investments have contributed to this end, much broader initiatives, such as an overhaul of the tax and social security system, will be needed to substantially reduce the deficit in the medium term. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Although the creation of new jobs has increased, unemployment remains high, with more than 13.5 million people out of work, according to the Bureau</FONT><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Arial,sans-serif> </FONT></B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">of Labor Statistics, while the Treasury Department reported an unemployment rate of 8.8% in March 2011, 0.6 p.p. down on the 9.4% reported in December 2010. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Europe: &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Europe&#8217;s economy has been marked by huge disparities between the various countries in terms of economic and industrial performance. Germany continues to head the growth rankings, with a strong industrial growth and increasing exports. On the other hand, the Portuguese, Spanish, Greek, Irish and Italian governments have had to cut spending drastically and increase taxes.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Although economic activity moved up at the beginning of 2011 following the seasonal slump in the final three months of last year, and job</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">market conditions improved due to the expansion of the private sector, unemployment is still high, at 9.5%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">During the crisis, the European Central Bank maintained interest rates at 1% p.a. in order to fuel consumption and stimulate the economy. At its last meeting, however, it raised interest to 1.25% in order to curb inflation, which is expected to reach 2.6% in 2011, according to the European Confederation of Iron and Steel Industries (EUROFER) estimates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The IMF expects GDP growth of 1.6 and 1.8%, respectively, in 2011 and 2012. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information</FONT><FONT style="mso-spacerun: yes"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Asia:&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The Chinese government&#8217;s priorities in 2011 are controlling the public deficit and inflation. In the last six months, it has implemented a series of measures to stem rising prices, such as increasing interest rates and imposing stricter lending criteria. It also introduced measures to ensure that banks retain more capital, thereby reducing the surge in loans and financing. Interest rates are now 6.31% for one-year loans following two</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Central Bank hikes. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="DISPLAY: none" face="Times New Roman,serif"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">On the FX front, the yuan has appreciated by around 5% since the third quarter of 2010. As a result, the IMF estimates 2011 GDP growth of 9.7%, accompanied by a 3.1% upturn in inflation.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="DISPLAY: none" face="Times New Roman,serif"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">There are also some challenges to be overcome related to the environmental deterioration given the unbridled growth of the big urban centers, the need to create jobs for around 200 million rural workers who have migrated to the cities and the need to expand and diversify electric power infrastructure.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">In mid-March, Japan was hit by an earthquake and tsunami that destroyed the north and northeast of the country. The true depth of the losses is still unknown, but the World Bank estimates a figure of between US$120 and US$230 billion, or between 2% and 4.5% of Japanese GDP.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Since the catastrophe, the Central Bank of Japan (BOJ) has injected around &#8364;330 billion into the economy in order to increase market liquidity, avoid investor panic and prevent a slide on the Tokyo Stock Exchange. Recently, the IMF reduced its 2011 GDP growth estimate from 1.6% to 1.4%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Brazil: &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Following exceptionally strong growth in 2010, the economy is likely to record a more moderate upturn in 2011,according to the Central Bank&#8217;s Focus report. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The government has adopted a series of fiscal and monetary measures in an attempt to reduce domestic liquidity and contain the credit expansion, aiming to curb household consumption and restrain inflation, which the Focus report indicates is already approaching the 6.5% ceiling stipulated by the Central Bank.&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">At its last meeting, the COPOM (Monetary Policy Committee) decided to raise interest rates by 25 bps to 12% p.a. This is the third increase this year and there may well be more. In its </FONT><I><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">communiqu&#233;</FONT></I><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">, the Bank states that this long-term measure is designed to ensure convergence with the 2012 target of 4.5%.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Despite expectations of a controlled economic downturn in 2011, business confidence remains high. According to the Getulio Vargas Foundation (FGV), March&#8217;s industrial confidence index remained stable when compared to January 2011 at 112.4 points. Similarly, the FGV&#8217;s capacity use index remained at 84% between January and March.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The job market also remains strong. According to CAGED (the employed and unemployed registry), 281,000 new registered jobs were created in February, 34% up year-on-year and the highest ever February figure.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">According to IPEA (Institute of Applied Economic Research), industrial output grew by 2.2% in the first two months of 2011 despite increased costs due to the elevated exchange rate. The market expects the dollar to close the year at US$1.65.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,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=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,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=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">2012</FONT></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">IPCA (%)</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=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">6.37</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=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">5.00</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">Commercial dollar (final) &#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=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">1.62</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=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">1.70</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">SELIC (final - %)</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=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,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=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">12.00</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">GDP (%)</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=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,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=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">4.25</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">Industrial Production (%)</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=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">4.04</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=bottom width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">4.58</FONT></P></TD></TR>

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   <TD vAlign=bottom width="52%">

   <P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">Source: FOCUS BACEN</FONT></P></TD>

   <TD vAlign=bottom width="48%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif">Base: April 29, 2011</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,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;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,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; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 19 </FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information</FONT><FONT style="mso-spacerun: yes"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif"><FONT style="COLOR: #ffffff">Adoption of IFRS</FONT></FONT></B><FONT style="COLOR: #ffffff"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif">&nbsp;&nbsp;</FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,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>

<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif">Net Revenue</FONT></B><FONT style="COLOR: #ffffff"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif"> &nbsp;</FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Consolidated net revenue totaled R$3,789 million in 1Q11, 19% up on the R$3,185 million posted in 1Q10, chiefly due to higher iron ore prices and sales volume, and 10% more than in 4Q10, basically thanks to the upturn in domestic steel product sales volume.&nbsp; </FONT></P>

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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif">Cost of goods sold (COGS)</FONT></B><FONT style="COLOR: #ffffff"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif">&nbsp;&nbsp;</FONT></B></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">In 1Q11, consolidated COGS totaled R$2,233 million, 16% more than the R$1,929 million registered in 4Q10, primarily reflecting the increase in steel product sales volume. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">In year-on-year terms, consolidated COGS grew 25% over the R$1,781 million recorded in 1Q10, basically due higher iron ore sales volume. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif">Selling, General, Administrative and Other Operating Expenses</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">In the first quarter, SG&amp;A expenses totaled R$241 million, 14% down on 4Q10, chiefly due to the reduction in freight and general services expenses. In the 12-month comparison, SG&amp;A expenses dropped by 23%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">CSN recorded a net expense of R$125 million in the &#8220;Other Revenue and Expenses&#8221; line in 1Q11, a R$55 million improvement over the previous quarter, basically due to non-recurring expenses with provisions for environmental contingencies in 4Q10, partially offset by additional REFIS payments. In annual terms, SG&amp;A expenses fell by R$9 million.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Adjusted EBITDA as presented in this report comprises of net income before the financial result, income and social contribution taxes, depreciation and amortization and other operating revenue (expenses), the latter item being excluded due to its non-recurring nature.</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 219.65pt 0pt 0cm; punctuation-wrap: hanging" align=right><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Adjusted EBITDA totaled R$1,529 million in 1Q11, 19% up on the R$1,289 million recorded in 1Q10, while the adjusted EBITDA margin remained flat at 40%. </FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">In relation to the previous quarter, adjusted EBITDA increased by 6%, while the margin decreased by 2 p.p.</FONT></P></TD>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 20</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information</FONT><FONT style="mso-spacerun: yes"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

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<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif"><FONT style="COLOR: #ffffff">Financial Result and Net Debt </FONT></FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The 1Q11 net financial result was negative by R$518 million, chiefly due to the following factors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Provisions for interest on loans and financing totaling R$545 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Negative monetary and foreign exchange variations of R$93 million, including the result of derivative operations;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The monetary restatement of tax provisions totaling R$42 million.</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US color=red face="Trebuchet MS,sans-serif">&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="DISPLAY: none" face="Times New Roman,serif"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">These negative effects were partially offset by returns on financial investments and other financial revenue/expenses, totaling R$162 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">On March 31, 2011, the consolidated net debt stood at R$10.7 billion, R$0.8 billion more than the R$9.9 billion recorded on December 31, 2010, essentially due to the following factors:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Investments of R$0.8 billion in fixed assets;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">A R$0.5 billion effect related to the cost of debt;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face=Wingdings>&#167;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The acquisition of bonds for trading and sale, totaling R$0.8 billion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="DISPLAY: none" face="Times New Roman,serif"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">These effects were partially offset by 1Q11 adjusted EBITDA of R$1.5 billion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The net debt/adjusted EBITDA ratio closed 1Q11 at 1.62x, based on LTM adjusted EBITDA of R$6.6 billion, 0.07x up on the 1.55x ratio recorded at the end of the previous quarter. <BR></FONT></P>

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<IMG border=0 src="pag21.gif"><BR></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">In February 2011, CSN contracted a Special Corporate Credit &#8211; Major Corporations loan from Caixa Econ&#244;mica Federal through the issue of a R$2.0 billion bank credit bill, maturing in 94 months.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 6pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif">Consolidated Net Income</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">CSN posted 1Q11 net income of R$616 million, 37% up on 4Q10, chiefly reflecting the improved operating results in the steel and mining segments and the reduction in G&amp;A expenses and &#8220;Other Revenue and Expenses&#8221;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">In year-on-year terms, net income improved by 38%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 21</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information</FONT><FONT style="mso-spacerun: yes"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif"><FONT style="COLOR: #ffffff">Capex</FONT></FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 6pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">CSN invested R$820 million in 1Q11, R$488 million of which in subsidiaries or joint subsidiaries, allocated as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 3pt 0cm 3pt 17.85pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Transnordestina Log&#237;stica: R$350 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 3pt 0cm 3pt 17.85pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">MRS Log&#237;stica: R$51 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 3pt 0cm 3pt 17.85pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">CSN Cimentos: R$28 million;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 4pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">The remaining R$332 million went to the parent company, mostly in the following projects:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 3pt 0cm 3pt 17.85pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Maintenance and repairs: R$114 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 3pt 0cm 3pt 17.85pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Expansion of the Casa de Pedra mine: R$43 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 3pt 0cm 3pt 17.85pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Expansion of the Port of Itaguai: R$28 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 3pt 0cm 3pt 17.85pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">CSN A&#231;os Longos: R$19 million </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 3pt 0cm 3pt 17.85pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Technological improvements: R$11 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 8pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; MARGIN-LEFT: 0cm; BORDER-TOP: medium none; MARGIN-RIGHT: 2.85pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif">Working Capital</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 6pt 0cm; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 6pt 0cm; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Working capital closed March 2011 at R$2,201 million, in line with the figure at the end of December 2010, basically due to increased sales in 1Q11, which reduced &#8220;Inventories&#8221; and pushed up &#8220;Accounts Receivable&#8221;. The average receivables period climbed from 25 days at the end of December 2010 to 29 days at the close of March 2011, while the average supplier payment period remained flat at 22 days. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 6pt 0cm; punctuation-wrap: hanging">&nbsp;</P>

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



<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003366 vAlign=center width="40%" align=left><FONT color=#ffffff size=1 face=sans-serif><B>WORKING CAPITAL (R$ MM)</B></FONT>&nbsp;</TD>

   <TD bgColor=#003366 vAlign=center width="12%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>1Q10</B></FONT>&nbsp;</TD>

   <TD bgColor=#003366 vAlign=center width="12%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>4Q10</B></FONT>&nbsp;</TD>

   <TD bgColor=#003366 vAlign=center width="12%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>1Q11</B></FONT>&nbsp;</TD>

   <TD bgColor=#003366 vAlign=center width="12%" align=middle><FONT color=#ffffff size=1 face=sans-serif><FONT color=#ffffff size=1 face=sans-serif><B>Change</B></FONT><B><BR>1Q11 x 4Q10</B></FONT>&nbsp;</TD>

   <TD bgColor=#003366 vAlign=center width="12%" align=middle><FONT color=#ffffff size=1 face=sans-serif><FONT color=#ffffff size=1 face=sans-serif><B>Change</B></FONT><B><BR>1Q11 x 1Q10</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><FONT size=1 face=sans-serif><B>Assets</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>3,440</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>3,841</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>3,817</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>(24)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>377</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=sans-serif><B>Accounts Receivable</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>1,099</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>1,259</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>1,397</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px" width="12%" align=middle><FONT size=1 face=sans-serif><B>137</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>298</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=sans-serif><B>Inventory </B></FONT><SUP><FONT size=1 face=sans-serif><B>(*)</B></FONT></SUP>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>2,323</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>2,492</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>2,378</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>(114)</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>55</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><FONT size=1 face=sans-serif><B>Advances to Taxes</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>19</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>90</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>42</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>(48)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>23</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><FONT size=1 face=sans-serif><B>Liabilities</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>1,739</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>1,654</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>1,616</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>(38)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>(124)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=sans-serif><B>Suppliers</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>550</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>521</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>494</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>(27)</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="12%" align=middle><FONT size=1 face=sans-serif><B>(56)</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><FONT size=1 face=sans-serif><B>Salaries and Social Contribution</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>133</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>165</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>165</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>0</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>31</B></FONT>&nbsp;</TD></TR>

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   <TD width="40%" align=left><FONT size=1 face=sans-serif><B>Taxes Payable</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>975</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>933</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>924</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>(9)</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="12%" align=middle><FONT size=1 face=sans-serif><B>(51)</B></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><FONT size=1 face=sans-serif><B>Advances from Clients</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>81</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>35</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>33</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>(2)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" width="12%" align=middle><FONT size=1 face=sans-serif><B>(48)</B></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><FONT size=1 face=sans-serif><B>Working Capital</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>1,701</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>2,187</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>2,201</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>14</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>500</B></FONT>&nbsp;</TD></TR></TABLE>

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<TR>

   <TD width="40%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD>

   <TD width="12%">&nbsp;</TD></TR>

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   <TD bgColor=#003366 vAlign=center width="40%" align=left><FONT color=#ffffff size=1 face=sans-serif><FONT color=#ffffff size=1 face=sans-serif><B>TURNOVER RATIO</B></FONT><B><BR>Average Periods</B></FONT>&nbsp;</TD>

   <TD bgColor=#003366 vAlign=center width="12%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=sans-serif><B>1Q10</B></FONT></TD>

   <TD bgColor=#003366 vAlign=center width="12%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=sans-serif><B>4Q10</B></FONT></TD>

   <TD bgColor=#003366 vAlign=center width="12%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=sans-serif><B>1Q11</B></FONT></TD>

   <TD bgColor=#003366 vAlign=center width="12%" align=middle><FONT color=#ffffff size=1 face=sans-serif><FONT color=#ffffff size=1 face=sans-serif><B>Change</B></FONT><B><BR>1Q11 x 4Q10</B></FONT>&nbsp;</TD>

   <TD bgColor=#003366 vAlign=center width="12%" align=middle><FONT color=#ffffff size=1 face=sans-serif><FONT color=#ffffff size=1 face=sans-serif><B>Change</B></FONT><B><BR>1Q11 x 1Q10</B></FONT>&nbsp;</TD></TR>

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   <TD width="40%" align=left><FONT size=1 face=sans-serif><B>Receivables</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>26</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>25</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>29</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>4</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>3</B></FONT>&nbsp;</TD></TR>

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   <TD width="40%" align=left><FONT size=1 face=sans-serif><B>Supplier Payment</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>28</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>22</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>22</B></FONT>&nbsp;</TD>

   <TD width="12%" align=middle><FONT size=1 face=sans-serif><B>-</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" width="12%" align=middle><FONT size=1 face=sans-serif><B>(6)</B></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><FONT size=1 face=sans-serif><B>Inventory Turnover</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>91</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>111</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>102</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>(9)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=middle><FONT size=1 face=sans-serif><B>11</B></FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=6 align=left><FONT size=1 face=sans-serif><I>(*) Inventory - includes "Advances to Suppliers" and does not include "Supplies".</I></FONT></TD></TR></TABLE>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information</FONT><FONT style="mso-spacerun: yes"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="FONT-SIZE: 13pt" lang=EN-US face="Trebuchet MS,sans-serif"><FONT style="COLOR: #ffffff">Results by Segment</FONT></FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The Company maintains integrated operations in five business segments: steel, mining, logistics, cement and energy.&nbsp; The main assets and/or companies comprising each segment are presented below:</FONT></P>

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   <TD width="20%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD>

   <TD width="20%">&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 3px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#000080 width="20%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Steel</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#000080 width="20%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Mining</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; TEXT-INDENT: 7px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#000080 width="20%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Logistics</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; TEXT-INDENT: 7px; BORDER-RIGHT: #ffffff 3px solid" bgColor=#000080 width="20%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Cement</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid; TEXT-INDENT: 7px" bgColor=#000080 width="20%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Energy</B></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>Presid. Vargas Steelworks</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>Casa de Pedra</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>Railways:</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>Volta Redonda</B></FONT>&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>CSN Energia and</B></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>Porto Real</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>Namisa (60%)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>- MRS</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>Arcos</B></FONT>&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>Itasa</B></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>Paran&#225;</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>Tecar</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>- Transnordestina</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

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

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>LLC</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>ERSA</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>Port:</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

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

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>Lusosider</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>- Sepetiba Tecon</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

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

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>Prada (Distribution and</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

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

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>Packaging)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

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

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left><FONT size=1 face=sans-serif><B>Metalic</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="20%" align=left>&nbsp;</TD>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,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 recurring net operating cash flow.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,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; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Net revenue by segment in 1Q11 (R$ million)</FONT></U></B><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">&nbsp;&nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information</FONT><FONT style="mso-spacerun: yes"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Each segment&#8217;s share of adjusted EBITDA in 1Q11 (R$ million)</FONT></U></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging" align=center><FONT lang=PT-BR><BR clear=all></FONT>&nbsp;
<IMG border=0 align=center src="pag25.gif">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The Company&#8217;s consolidated results by business segment are presented below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging">&nbsp;</P>

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



<TR>

   <TD width="28%">&nbsp;</TD>

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 16px; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="28%" align=middle><FONT size=1 face=sans-serif><B>R$ million</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="9%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="9%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="9%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="9%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="9%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="9%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="9%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="9%" align=right><FONT size=1 face=sans-serif><B>1Q11</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="28%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Consolidated Results</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Steel</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Mining</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Logistics</B></FONT>&nbsp;<BR><FONT color=#ffffff size=1 face=sans-serif><B>(Port)</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Logistics</B></FONT>&nbsp;<BR><FONT color=#ffffff size=1 face=sans-serif><B>(Railways)</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Energy</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Cement</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="9%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=sans-serif><B>Eliminations/<BR><FONT color=#ffffff size=1 face=sans-serif>Corporate</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#808080 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Consolidated</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="28%" align=left><FONT size=1 face=sans-serif><B>Net Revenue</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>2,305</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>1,210</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>37</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>232</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>29</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>63</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>(85)</B></FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=sans-serif><B>3,789</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #c0c0c0; TEXT-INDENT: 11px; BORDER-RIGHT: #ffffff 4px solid" width="28%" align=left><FONT size=1 face=sans-serif>Domestic Market</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>1,966</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>195</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>37</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>232</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>29</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>63</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(79)</FONT>&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>2,441</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11px; BORDER-RIGHT: #ffffff 4px solid" width="28%" align=left><FONT size=1 face=sans-serif>Foreign Market</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>339</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>1,015</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>(6)</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=sans-serif>1,348</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="28%" align=left><FONT size=1 face=sans-serif>Cost of Goods Sold</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(1,635)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(436)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(21)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(145)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(10)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(49)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>63</FONT>&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(2,233)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="28%" align=left><FONT size=1 face=sans-serif><B>Gross Profit</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>670</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>774</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>16</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>87</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>19</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>13</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>(22)</B></FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=sans-serif><B>1,556</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="28%" align=left><FONT size=1 face=sans-serif>Selling, General and Administrative Expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(118)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(18)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(4)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(20)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(6)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(12)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(64)</FONT>&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(241)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="28%" align=left><FONT size=1 face=sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>141</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>26</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=sans-serif>215</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="28%" align=left><FONT size=1 face=sans-serif><B>Adjusted EBITDA</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>693</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>792</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>13</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>92</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>19</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>6</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>(85)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>1,529</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 4px solid" width="28%" align=left><FONT size=1 face=sans-serif><B>Adjusted EBITDA Margin</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>30%</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>65%</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>36%</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>40%</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>64%</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>9%</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=sans-serif><B>40%</B></FONT>&nbsp;</TD></TR>

<TR>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 16px; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="28%" align=middle><FONT size=1 face=sans-serif><B>R$ million</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="9%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="9%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="9%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="9%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="9%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="9%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" vAlign=center width="9%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center width="9%" align=right><FONT size=1 face=sans-serif><B>1Q10</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="28%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Consolidated Results</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Steel</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Mining</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Logistics</B></FONT>&nbsp;<BR><FONT color=#ffffff size=1 face=sans-serif><B>(Port)</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Logistics</B></FONT>&nbsp;<BR><FONT color=#ffffff size=1 face=sans-serif><B>(Railways)</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Energy</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Cement</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#808080 vAlign=center width="9%" align=middle>&nbsp;<FONT color=#ffffff size=1 face=sans-serif><B>Eliminations/<BR><FONT color=#ffffff size=1 face=sans-serif>Corporate</FONT></B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#808080 vAlign=center width="9%" align=middle><FONT color=#ffffff size=1 face=sans-serif><B>Consolidated</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="28%" align=left><FONT size=1 face=sans-serif><B>Net Revenue</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>2,553</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>454</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>28</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>202</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>27</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>36</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>(116)</B></FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=sans-serif><B>3,185</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="28%" align=left><FONT size=1 face=sans-serif>Domestic Market</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>2,277</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>93</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>28</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>202</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>27</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(116)</FONT>&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>2,548</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px; BORDER-RIGHT: #ffffff 4px solid" width="28%" align=left><FONT size=1 face=sans-serif>Foreign Market</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>276</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>361</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 4px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 8px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>-</FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=sans-serif>637</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="28%" align=left><FONT size=1 face=sans-serif>Cost of Goods Sold</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(1,514)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(190)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(17)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(110)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(8)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(37)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>96</FONT>&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(1,781)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="28%" align=left><FONT size=1 face=sans-serif><B>Gross Profit</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>1,039</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>263</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>11</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>92</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>19</B></FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>(1)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>(20)</B></FONT>&nbsp;</TD>

   <TD width="9%" align=right><FONT size=1 face=sans-serif><B>1,404</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="28%" align=left><FONT size=1 face=sans-serif>Selling, General and Administrative Expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(147)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(32)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 7px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(4)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(16)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(6)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(7)</FONT>&nbsp;</TD>

   <TD style="BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(101)</FONT>&nbsp;</TD>

   <TD bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif>(313)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="28%" align=left><FONT size=1 face=sans-serif>Depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>131</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>24</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif>(3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=right><FONT size=1 face=sans-serif>199</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="28%" align=left><FONT size=1 face=sans-serif><B>Adjusted EBITDA</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>1,024</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>267</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>11</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>100</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>18</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>(6)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 4px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>(124)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="9%" align=right><FONT size=1 face=sans-serif><B>1,289</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 4px solid" width="28%" align=left><FONT size=1 face=sans-serif><B>Adjusted EBITDA Margin</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>40%</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>59%</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>38%</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>49%</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>68%</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right><FONT size=1 face=sans-serif><B>-15%</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-RIGHT: #ffffff 4px solid" width="9%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" width="9%" align=right><FONT size=1 face=sans-serif><B>40%</B></FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information</FONT><FONT style="mso-spacerun: yes"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif"><FONT style="COLOR: #ffffff">Steel</FONT></FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Brazilian Scenario</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">According to the Brazilian Steel Institute (IABr), 1Q11 consolidated production totaled 8.5 million tonnes of crude steel and 6.4 million tonnes of rolled flat steel, 6.2% and 2.0% up, respectively, on the same period in 2010. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Domestic steel product sales came to 5.3 million tonnes in the first quarter, a 5.6% year-on-year improvement, while exports jumped by 39.2% to 2.8 million tonnes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Steel product imports totaled 866,200 tonnes, 34.3% down on 1Q10.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">As a result, apparent consumption of steel products in the Brazilian market came to 6.2 million tonnes in the first three months of the year. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Segments</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Automotive:</FONT></U></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">According to ANFAVEA (the auto manufacturers&#8217; association), vehicle output reached record levels in 1Q11, increasing by more than 7.9% over 1Q10, when the IPI (federal VAT) discount was still in force.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Despite the restrictive measures that squeezed credit supply, vehicle sales climbed by 4.8% year-on-year (also according to ANFAVEA), reaching 825,300 units, a new record.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">The auto industry posted revenue of US$3.27 billion, 25.8% more than in 1Q10.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">ANFAVEA estimates 2011 production of 3.68 million vehicles, higher than last year and yet another record.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Construction:</FONT></U></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">The construction sector should maintain the strong growth pace of recent quarters, favored, as before, by the population&#8217;s higher average income, the expansion of the government&#8217;s housing programs, the 2014 World Cup and the 2016 Olympic Games. According to a survey by FGV/SEBRAE, the construction sector will absorb R$22.8 billion of the R$30 billion allocated to the World Cup budget.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">However, there are obstacles to this growth, one of the main ones being higher costs, chiefly due to the shortage of skilled labor.&nbsp; In fact, the increase in costs has already impacted the Market Construction Price Index (INCC-M), which climbed by 1.21% in the first quarter.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Despite the credit restrictions, the volume of housing financing agreements continued to move up &#8211; Caixa&nbsp; Econ&#244;mica Federal alone granted loans totaling R$14.7 billion in 1Q11.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">According to a survey by the National Confederation of Industry (CNI), sector businessmen are optimistic in regard to activity levels in the coming months.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">SINDUSCON-SP (the S&#227;o Paulo building industry association) and the Getulio Vargas Foundation (FGV) estimate sector growth of 6% in 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information</FONT><FONT style="mso-spacerun: yes"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Distribution:</FONT></U></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">According to INDA (the Brazilian steel distributors&#8217; association), purchases by distributors totaled 1.089 million tonnes in 1Q11, 21% up on the previous quarter. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Flat steel sales increased by 20% over 4Q10, reaching 1.1 million tonnes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Inventories ended the quarter at 3.1 months, slightly above the historical average of 2.8 months. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Home Appliances:</FONT></U></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Geraldo Alckmin, the S&#227;o Paulo state governor, signed a decree reducing ICMS (state VAT) on appliance manufacturers from 18% to 7%, which will have a positive impact on the sector.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">According to PROVAR/FIA, annual per capita home appliance spending intentions in S&#227;o Paulo state are expected to increase by 4.8% year-on-year in 2Q11 to R$1,263.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">According to Consultoria Tend&#234;ncias, sector growth in the second quarter should move up slightly, reaching 4.2% in 2011 as a whole.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Net Revenue</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Net revenue from steel operations in 1Q11 totaled R$2,305 million, 9% up on 4Q10, basically due to the increase in domestic sales volume, and 10% down on 1Q10, due to lower prices and domestic sales volume.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Total Sales Volume</FONT></U></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">CSN recorded total sales volume of 1.2 million tonnes in 1Q11, 17% more than in 4Q10. Of this total, 85% was sold on the domestic market and 12% by overseas subsidiaries, while 3% went to direct exports. In year-on-year terms, volume fell by 3%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Domestic Sales Volume</FONT></U></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Domestic sales totaled 1 million tonnes in 1Q11, a 20% improvement over the quarter before, fueled by stronger demand for flat steel in Brazil. In comparison with the same period last year, sales volume dropped by 6%, chiefly due to exceptionally strong demand in 1Q10.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Exports</FONT></U></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"> &nbsp;</FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">CSN exported 186,000 tonnes in 1Q11, virtually identical to the 4Q10 figure. Sales by CSN LLC and Lusosider totaled 146,000 tonnes, while direct exports amounted to 40,000 tonnes. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">In year-on-year terms, exports grew by 11%. CSN LLC and Lusosider&#8217;s sales climbed by 18%, while direct exports fell by 7%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Prices</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Net revenue per tonne averaged R$1,858 in 1Q11, 6% below the 4Q10 figure, mainly due to the product mix. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Production </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Crude and rolled steel production totaled 1.1 million tonnes and 1.0 million tonnes in 1Q11, corresponding to quarter-on-quarter reductions of 12% and 5%, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT size=2 face="Trebuchet MS"></FONT>&nbsp;</P>

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<TR>

   <TD width="35%">&nbsp;</TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#99ccff vAlign=center rowSpan=2 width="35%" align=middle><FONT size=1 face=sans-serif><B>Production (in thousand t)</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#99ccff vAlign=center rowSpan=2 width="13%" align=middle><FONT size=1 face=sans-serif><B>1Q10</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#99ccff vAlign=center rowSpan=2 width="13%" align=middle><FONT size=1 face=sans-serif><B>4Q10</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#99ccff vAlign=center rowSpan=2 width="13%" align=middle><FONT size=1 face=sans-serif><B>1Q11</B></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#99ccff vAlign=center width="26%" colSpan=2 align=middle><FONT size=1 face=sans-serif><B>Change</B></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#99ccff vAlign=center width="13%" align=middle><FONT size=1 face=sans-serif><B>1Q11 x 1Q10</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#99ccff vAlign=center width="13%" align=middle><FONT size=1 face=sans-serif><B>1Q11 x 4Q10</B></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="35%" align=left><FONT size=1 face=sans-serif><B>Crude Steel (UPV)</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=1 face=sans-serif><B>1,178</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=1 face=sans-serif><B>1,292</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=1 face=sans-serif><B>1,132</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=1 face=sans-serif><B>-4%</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=1 face=sans-serif><B>-12%</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="35%" align=left><FONT size=1 face=sans-serif><B>Rolled Products</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=1 face=sans-serif><B>1,203</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=1 face=sans-serif><B>1,083</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=1 face=sans-serif><B>1,034</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=1 face=sans-serif><B>-14%</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="13%" align=middle><FONT size=1 face=sans-serif><B>-5%</B></FONT>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 26</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information</FONT><FONT style="mso-spacerun: yes"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE><FONT lang=PT-BR></FONT></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Cost of goods sold (COGS)</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Steel segment COGS stood at R$1.63 billion in 1Q11, 10% up on the R$1.48 billion recorded in 4Q10, chiefly due to the upturn in sales volume. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">In relation to 1Q10, COGS increased by 8%, primarily due to the higher cost of certain raw materials, such as coal and coke.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Production costs</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">In 1Q11, total steel production costs came to R$1.3 billion, 7% or R$0.1 billion, less than the R$1.4 billion reported in 4Q10. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Raw materials</FONT></U></B><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">:&nbsp;</FONT></B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"> reduction of R$112 million, primarily in regard to:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 21.6pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Coal and coke</FONT></B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">: decline of R$93 million, basically due to lower consumption; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 21.6pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Iron ore: </FONT></B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">reduction of R$7 million due to lower consumption;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 21.6pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Times New Roman,serif">-</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Scrap: </FONT></B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">downturn of R$12 million, also due to lower consumption;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 4pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Labor:</FONT></U></B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"> decline of R$16 million. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3.6pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 4pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Other production costs:</FONT></U></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman,serif"> </FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">reduction of R$21 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 4pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Depreciation</FONT></U></B><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">: </FONT></B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">increase of R$28 million due to new asset incorporations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Adjusted EBITDA</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Adjusted steel segment EBITDA totaled R$693 million in 1Q11, 10% up on the R$632 million recorded in 4Q10, basically due to higher domestic sales, accompanied by an adjusted EBITDA margin of 30%, stable in relation to the previous quarter.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information</FONT><FONT style="mso-spacerun: yes"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 12pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif"><FONT style="COLOR: #ffffff">Mining</FONT></FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Scenario</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The first three months of 2011 were marked by conflicts in the Middle East, earthquakes, tsunamis and floods in Australia, all of which had a direct impact on the iron ore and steel markets and some of which will continue to be felt for some time.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The prospects are still positive, with iron ore demand continuing to outstrip supply until 2014. After this, supply is likely to move up as the new ongoing projects progress and Chinese steel output begins to level off. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Despite the Chinese government&#8217;s adoption of restrictive measures to curb economic growth, CRU believes the country will still respond for a major slice of the mining market thanks to its urbanization process, which has resulted in massive domestic consumption. According to the World Steel Association (WSA) and CRU, Chinese iron ore imports should reach 895 million tonnes in 2015.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">In the short term, strong seasonal demand, punctured by supply breaks, may push spot prices up from their current US$180/t to US$190/t, also reflecting rapid demand growth in the emerging markets, high-cost production in China and infrastructure bottlenecks in the new mining projects.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">According to the current pricing scenario, the basic Platts price (62%Fe CFR) should reach US$179.26 in 2Q11, 20% up on 1Q11. Given the current level of global consumption, the prospects for the coming quarters are promising for both prices and sales volume.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">In 1Q11, Brazil&#8217;s iron ore exports remained stable over the same period last year at 71 million tonnes, but fell by 18% over 4Q10 due to the normal first-quarter seasonal supply restrictions. </FONT></P>

<P style="MARGIN: 0cm 0cm 6pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Analysis of Results</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">CSN&#8217;s mining segment comprises the mining and sale of iron ore (the Casa de Pedra mine and a 60% interest in Namisa) in addition to port terminal operations (Tecar) and tin (ERSA)</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">.&nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Iron ore sales</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">In 1Q11, CSN and Namisa&#8217;s total sales of finished iron ore products to third parties amounted to 6.6 million tonnes<SUP>1</SUP>, 17% and 3% up on 1Q10 and 4Q10, respectively. Of this total, exports accounted for 6.2 million tonnes, with 3.7 million tonnes sold by Namisa.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The Company&#8217;s own consumption absorbed 1.7 million tonnes in 1Q11. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Considering CSN&#8217;s 60% interest in Namisa, sales came to 5.1 million tonnes in 1Q11, 23% up on 1Q10 and 15% up on 4Q10.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Net Revenue</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Net revenue totaled R$1.2 billion in 1Q11, 9% up on 4Q10, due to higher sales volume, and 167% more than in 1Q10, reflecting the price and volume upturn.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Cost of goods sold (COGS)</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">COGS came to R$436 million in 1Q11, 32% more than in 4Q10, reflecting the mix of products sold. In comparison with 1Q10, COGS jumped by 129%, due to higher sales volumes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 2.85pt 0pt 0cm; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Adjusted EBITDA</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">First-quarter adjusted EBITDA totaled R$792 million, virtually identical to the 4Q10 figure, accompanied by an adjusted EBITDA margin of 65%, down by 6 p.p., basically due to the above-mentioned upturn in COGS.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">In comparison with 1Q10, however, adjusted EBITDA climbed by a massive 196% and the adjusted EBITDA margin widened by 6 p.p., due to higher prices and volumes in 1Q11.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><SUP><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Trebuchet MS,sans-serif">1 </FONT></I></SUP><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Trebuchet MS,sans-serif">Sales volumes include 100% of the stake in NAMISA.</FONT></I></P>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information</FONT><FONT style="mso-spacerun: yes"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif"><FONT style="COLOR: #ffffff">Logistics</FONT></FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Scenario</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">2010 Overview:</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Port logistics</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">According to ANTAQ (National Waterway Transport Agency), handled volume totaled 834 million tonnes in 2010, 14% up on 2009, led by the 16% upturn in iron ore exports to 311 million tonnes. In the container segment, the Brazilian ports handled 6.8 million TEUs, 12% more than the year before. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Railway logistics </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">According to ANTT (National Rail Transport Association), transported volume totaled 471.1 million tonnes, 19% up on 2009, led by the 59% increase in iron ore and coal volume. In the same period, production grew by 15% to 280 billion tonne-kilometers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The outlook remains highly promising. The ANTT estimates 2011 volume of 530 million tonnes, production of 315 billion tonne-kilometers and investments of R$3 billion in private concessions.</FONT></P>

<P style="MARGIN: 6pt 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Analysis of Results</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,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-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">1.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Railway logistics </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Analysis of Results</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">MRS and Transnordestina&#8217;s individual results had not yet been announced up to the publication of this release. In 1Q11, consolidated net revenue from railway logistics totaled R$232 million, COGS stood at R$145 million and adjusted EBITDA came to R$92 million, accompanied by an adjusted EBITDA margin of 40%. </FONT></P>

<P style="TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">2.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></B><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Port logistics</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Analysis of Results</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Consolidated net revenue from port logistics amounted to R$37 million in 1Q11, COGS came to R$21 million and EBITDA totaled R$13 million, with an EBITDA margin of 36%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif">Cement</FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Scenario</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 4pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 3pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">The cement market remained buoyant in the first quarter of 2011. Preliminary figures from SNIC (the cement industry association) indicate domestic sales of 14.4 million tonnes, 6.6% up year-on-year. The Southeast Region of Brazil accounted for half of domestic consumption, followed by the Northeast, with 19%, and the South with 16%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">According to SNIC,LTM consolidated sales (April 2010 through March 2011) stood at 60 million tonnes, 12.4% up year-on-year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 4pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 4pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Analysis of Results</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">In 1Q11, net revenue from cement operations totaled R$63 million, with sales volume of 335,000 tonnes and COGS of R$49 million. Adjusted EBITDA came to R$6 million in 1Q11, accompanied by an adjusted EBITDA margin of 9%.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information</FONT><FONT style="mso-spacerun: yes"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

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<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif"><FONT style="COLOR: #ffffff">Energy</FONT></FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Scenario </FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman,serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Electric power consumption grew by a substantial 5.1% in January and February over the same period last year, according to the Ministry of Mines and Energy&#8217;s Energy Research Company (EPE).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="DISPLAY: none" face="Times New Roman,serif"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman,serif"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Trebuchet MS,sans-serif">Despite soaring consumption, demand is still in line with structural supply for the next five years, according to the Projected Electricity Demand survey published recently by the EPE, largely thanks to the government&#8217;s energy auctions, which have added supply in excess of estimated demand growth of 5% p.a.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Analysis of Results</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 5pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 3pt 0cm; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Net revenue totaled R$29 million in 1Q11, COGS stood at R$10 million and EBITDA came to R$19 million, accompanied by an EBITDA margin of 64%.</FONT></P>

<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="Trebuchet MS,sans-serif">Capital Market</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><U><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Share Performance </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" lang=EN-US face="Trebuchet MS,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">In 1Q11, CSN&#8217;s shares remained flat over the previous quarter, versus the 1% downturn recorded by the IBOVESPA in the same period. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">On the NYSE, CSN&#8217;s ADRs also remained flat over 4Q10, versus the Dow Jones&#8217; 6% upturn in 1Q11.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">Daily traded volume in CSN&#8217;s shares averaged R$83.5 million, 12% more than in the previous quarter. On the NYSE, daily traded volume in CSN&#8217;s ADRs averaged US$73.4 million, 4% higher than in 4Q10.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">The Annual Shareholders&#8217; Meeting of April 29, 2011 approved Management&#8217;s proposal regarding the payment of R$1,500 million in dividends and R$356.8 million in interest on equity, totaling R$1,856.8 million.</FONT></P>

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   <TD style="BORDER-TOP: #ffffff 4px solid" bgColor=#000080 width="100%" colSpan=4 align=middle><FONT color=#ffffff size=2 face=sans-serif><B>Capital Markets - CSNA3 / SID / IBOVESPA / DOW JONES</B></FONT></TD></TR>

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   <TD bgColor=#000080 width="18%" align=middle><FONT color=#ffffff size=2 face=sans-serif><B>1Q10</B></FONT>&nbsp;</TD>

   <TD bgColor=#000080 width="18%" align=middle><FONT color=#ffffff size=2 face=sans-serif><B>4Q10</B></FONT>&nbsp;</TD>

   <TD bgColor=#000080 width="18%" align=middle><FONT color=#ffffff size=2 face=sans-serif><B>1Q11</B></FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="46%" align=left><FONT size=2 face=sans-serif><B>Shares</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT size=2 face=sans-serif><B>1,510,359,220</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT size=2 face=sans-serif><B>1,483,033,685</B></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT size=2 face=sans-serif><B>1,483,033,685</B></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=sans-serif><B>Market Capitalization</B></FONT>&nbsp;</TD>

   <TD width="18%" align=left>&nbsp;</TD>

   <TD width="18%" align=left>&nbsp;</TD>

   <TD width="18%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=2 face=sans-serif>Closing Price (R$/share)</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>34.53</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>26.67</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>26.68</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=2 face=sans-serif>Closing Price (US$/ADR)</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>19.34</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>16.67</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>16.66</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=2 face=sans-serif>Market Capitalization (R$ million)</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>50,348</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>38,884</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>38,899</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11px" width="46%" align=left><FONT size=2 face=sans-serif>Market Capitalization (US$ million)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT size=2 face=sans-serif>28,200</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT size=2 face=sans-serif>24,304</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT size=2 face=sans-serif>24,290</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=sans-serif><B>Total return including dividends and interest on equity</B></FONT>&nbsp;</TD>

   <TD width="18%" align=left>&nbsp;</TD>

   <TD width="18%" align=left>&nbsp;</TD>

   <TD width="18%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=2 face=sans-serif>CSNA3</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>27%</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>-9%</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>0%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=2 face=sans-serif>SID</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>25%</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>-6%</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>0%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=2 face=sans-serif>Ibovespa</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>3%</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>0%</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>-1%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11px" width="46%" align=left><FONT size=2 face=sans-serif>Dow Jones</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT size=2 face=sans-serif>4%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT size=2 face=sans-serif>7%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT size=2 face=sans-serif>6%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT size=2 face=sans-serif><B>Volume</B></FONT>&nbsp;</TD>

   <TD width="18%" align=left>&nbsp;</TD>

   <TD width="18%" align=left>&nbsp;</TD>

   <TD width="18%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=2 face=sans-serif>Average Daily (thousand shares)</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>4,739</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>2,666</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>3,036</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=2 face=sans-serif>Average Daily (R$ thousand)</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>143,703</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>74,742</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>83,539</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11px" width="46%" align=left><FONT size=2 face=sans-serif>Average Daily (thousand ADRs)</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>6,577</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>4,202</FONT>&nbsp;</TD>

   <TD width="18%" align=right><FONT size=2 face=sans-serif>4,377</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 11px" width="46%" align=left><FONT size=2 face=sans-serif>Average Daily (US$ thousand)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT size=2 face=sans-serif>110,526</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT size=2 face=sans-serif>70,830</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=right><FONT size=2 face=sans-serif>73,485</FONT>&nbsp;</TD></TR></TABLE>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 30</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR" color=black><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>ITR &#8211;&#8211; Quarterly Financial Information</FONT><FONT style="mso-spacerun: yes"><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp; &nbsp;</FONT></FONT><FONT style="FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR; mso-ansi-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="PAGE-BREAK-AFTER: avoid; BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; punctuation-wrap: hanging" align=center><B><FONT style="FONT-SIZE: 13pt" lang=EN-US face="Trebuchet MS,sans-serif"><FONT style="COLOR: #ffffff">Subsequent Events </FONT></FONT></B></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 3pt 0cm; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 3pt 0cm; punctuation-wrap: hanging"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">On April 20, 2011 CSN contracted a R$1.5 billion loan from Banco do Brasil through the issue of Export Credit Notes in order to finance its exports.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face="Trebuchet MS,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face="Trebuchet MS,sans-serif">On the same date, the Company adhered to the public offer for Riversdale Mining Limited, selling its entire total stake in Riversdale, equivalent to 47,291,891 shares, to Rio Tinto for A$16.50 per share, amounting to A$780 million.</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9.5pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

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

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Notes to the Financial Statements</FONT></B></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;(In thousands of Reais, unless otherwise stated)</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>OPERATIONS&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Companhia Sider&#250;rgica Nacional &#8220;CSN&#8221; is a Corporation, established on April 9, 1941, in accordance with Brazilian laws (Companhia Sider&#250;rgica Nacional and its subsidiaries, affiliated companies and jointly-owned subsidiaries, jointly called the &#8220;Company&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" 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;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Securities and Exchange Commission </FONT></I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(SEC).&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Steel:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Its main industrial complex is the Presidente Vargas Steelworks (&#8220;UPV&#8221;) located in the city of Volta Redonda, State of Rio de Janeiro. This segment consolidates the operations related to the production, distribution and sale of flat steel, metal packaging and galvanized steel. Besides facilities in Brazil, CSN has operations in 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Mining:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 de Janeiro. Coal and coke are imported through this terminal.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Cement: </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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 de Janeiro: CSN Cimentos, which is already producing CP-III cement, using 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 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: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp; &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Logistics:</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Railways:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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&#8217;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: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>: &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Company operates in the State of Rio de Janeiro through its subsidiary Sepetiba Tecon, the Terminal for Containers (Tecon), at the Port of Itagua&#237;, located in Sepetiba bay, it has a privileged road, rail and sea access. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CSN steel products shipment, handling of containers, warehousing, consolidation and deconsolidation of cargo are carried out at Tecon.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Energy:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>For further details on the Company&#8217;s strategic investments and segments, please refer to Note 26 &#8211;Business Segment Information.</FONT></P>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US 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: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>SUMMARY OF MAIN ACCOUNTING PRACTICES</FONT></B></P>

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<P style="TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Preparation basis</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The consolidated quarterly financial information was prepared and presented in accordance with the International Financial Reporting Standards (IFRS) and respective rules issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of the quarterly financial information.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The individual quarterly financial information was prepared according to the technical pronouncement issued by Brazilian&nbsp;Accounting Pronouncements Committee</FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(CPCs), and rules issued by Brazilian Securities and Exchange Commission (CVM) applicable to the quarterly financial information.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The preparation of the quarterly financial information in accordance with IFRS and BR GAAP requires the use of certain critical accounting estimates and also the judgment by the Company&#8217;s management team in the process to apply the Company&#8217;s accounting policy. Those items requiring a higher judgment level and having greater complexity, as well as the items where assumptions and estimates are significant to the consolidated quarterly financial information, are being disclosed on the notes to this report and refer to the allowance for doubtful accounts, provision for inventory losses, provision for labor, civil, tax, environmental and social security liabilities, depreciation, amortization, depletion, provision for impairment, deferred taxes, financial instruments and employees benefits. Actual results may differ com these estimates. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The financial statements are presented in thousands of reais (R$). Depending on the applicable IFRS pronouncement, the measurement criterion used in the preparation of the quarterly financial information 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 re-measurement), the acquisition cost criterion was applied.&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The individual and consolidated quarterly financial information was approved by the Board of Directors on May 3, 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Consolidated quarterly financial information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The accounting practices have been treated on a uniform basis to all consolidated companies. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The consolidated quarterly financial information for the period ended March 31, 2011 and the year ended December 31,2010 include the following subsidiaries 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: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US 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: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>Companies&nbsp;</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;Interest in the <BR>capital stock (%)</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" width="9%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Main activity</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 4.5pt" width="36%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="43%" noWrap>&nbsp;</TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Direct interest: full consolidation</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Islands VII </FONT></P></TD>

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   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Financial operations</FONT></P></TD></TR>

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   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Islands VIII </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Financial operations</FONT></P></TD></TR>

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   <TD style="HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Islands IX </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Financial operations</FONT></P></TD></TR>

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   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Islands X </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Financial operations</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Islands XI </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Financial operations</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Islands XII</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Financial operations</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Tangua</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Financial operations</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>International Investment Fund</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Corporate interests and financial operations</FONT></P></TD></TR>

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   <TD style="HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Minerals (1)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Corporate interests</FONT></P></TD></TR>

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   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Export </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial operations, sale of products and corporate interests</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Metals (2)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Corporate interests and financial operations</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="36%" noWrap>

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   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="43%" noWrap>

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<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Steel</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Corporate interests and financial operations</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>TdBB S.A</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="43%" noWrap>

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<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Sepetiba Tecon </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="43%" noWrap>

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<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="36%" noWrap>

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   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Mining and corporate interests</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN A&#231;os Longos - merged on 01/28/2011</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

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

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>99.99</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Product and sale of steel and/or metallurgical products</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Florestal Nacional (4)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Reforestation</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Estanho de Rond&#244;nia - ERSA </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Tin minng</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Cia Metalic Nordeste</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Packaging production and distribution of steel products</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Companhia Metal&#250;rgica Prada</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Packaging production and distribution of steel products</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Cimentos </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Production of cement</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

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   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

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   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="43%">

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<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="43%" noWrap>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

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<TR style="HEIGHT: 12pt">

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<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="9%" noWrap align=right>

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<TR style="HEIGHT: 4.5pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

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   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Aceros</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Corporate interests</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Companhia Siderurgica Nacional LLC</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Steelmaking</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Europe (5)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="43%" noWrap>

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<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Ib&#233;ria </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial operations and corporate interests</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="43%" noWrap>

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<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

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   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Corporate interests</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

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   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.94 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.94 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Steelmaking and corporate interests</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Acquisitions </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial operations and corporate interests</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Resources (7)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial operations and corporate interests</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Finance UK Ltd </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Financial operations and corporate interests</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>CSN Holdings UK Ltd </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="43%" noWrap>

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<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

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   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Mining and corporate interests</FONT></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Direct interest: proportional consolidation</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Nacional Min&#233;rios (NAMISA)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Mining and corporate interests</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

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   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48.75 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48.75 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Electricity generation</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>MRS Log&#237;stica </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.93 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.93 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Rail transport</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Cons&#243;rcio da Usina Hidrel&#233;trica de Igarapava</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.92 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.92 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Electricity consortium</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Aceros Del Orinoco</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.73 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.73 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Inactive Company</FONT></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Indirect interest: proportional consolidation</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Namisa International Minerios SLU </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Corporate interests and sale of products and ore</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Namisa Europe</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Corporate interests and sale of products and ore</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>MRS Log&#237;stica </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.34 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.34 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12.95pt" width="43%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Rail transport</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Aceros Del Orinoco</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.08 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.08 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Inactive Company</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>New corporate name of Hickory, changed as of January 8, 2010.</FONT></P>

<P style="TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18.75pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>(7)</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt; FONT-WEIGHT: normal" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt; FONT-WEIGHT: normal" 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: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>Exclusive funds</FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;Interest in the <BR>capital stock (%)</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Specific purpose companies</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Main activities</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Direct interest: full consolidation</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>DIPLIC&nbsp; - Multimarket investment fund</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Investment fund</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Mugen - Multimarket investment fund</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" face=Arial,sans-serif>Investment fund</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In the preparation of the consolidated quarterly financial information, the following consolidation procedures have been adopted:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Unrealized gains in transactions with subsidiaries, jointly-owned subsidiaries and affiliated are eliminated according to CSN&#8217;s share in the entity in question in the consolidation process. Unrealized losses are eliminated in the same way as unrealized gains, however only to the extent there is no reduction to the recovery value (impairment). The reference date of the quarterly financial information of the subsidiaries, associated companies and jointly-owned subsidiaries is the same as of the parent company and their accounting policies are in line with the policies adopted by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Subsidiaries &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Affiliated companies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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&#8217;s investment in affiliated companies includes goodwill recognized from the business acquisition, plus the investors&#180; share at retained post-acquisition profits and others changes in the net asset value, reduced by any accumulated impairment loss.&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Jointly-owned subsidiaries</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The quarterly financial information of jointly-owned subsidiaries are included in the consolidated quarterly financial information as of the date when the shared control starts until the date the shared control no longer exists. Jointly-owned subsidiaries are proportionally consolidated.&nbsp; </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Courier New"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Parent Company quarterly financial information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In the parent company quarterly financial information, the subsidiaries and jointly-owned subsidiaries are accounted for by the equity method. The same adjustments are made both in the parent company quarterly financial information and in the consolidated quarterly financial information. Considering CSN, accounting practices adopted in Brazil applied in the parent company quarterly financial </FONT>


<FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>information differ from the IFRS applicable to the separated financial statements, only through the valuation of 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>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Foreign currencies</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Functional and reporting currency</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Items included in the quarterly financial information of each one of the Company&#8217;s companies are measured using the currency of the main economic environment, where the company operates (&#8220;functional currency&#8221;). Consolidated quarterly financial information is presented in R$ (reais), which is the Company&#8217;s functional currency and the Group&#8217;s reporting currency.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Transactions and balances</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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 March 31, 2010, related to monetary assets and liability in foreign currencies, are recognized on the statement of income, except when recognized in shareholders&#8217; equity as a result of foreign operation monetary items characterized as foreign investment nature. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Balance accounts of assets and liabilities are converted by the exchange rate as of the balance sheet date, on March 31,2011, US$1 corresponding to R$1.6287 (R$1.6662 on December 31, 2010) EUR 1 corresponding to R$2.3129 (R$2.2280 on December 31,2010) and JPY 1 corresponding to R$0.01961 (R$0.0205 on December 31,2010). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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&#8217;s amortized cost and other variations to the security&#8217;s book value. &nbsp;Foreign exchange variations of amortized costs are recognized in the statement of income, and other variations in the security&#8217;s book value are recognized in shareholders&#8217; equity.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Exchange variations from non-monetary financial assets and liabilities, for instance, investments in shares classified as measured at fair value through income statement, are recorded under result 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 in the comprehensive income under shareholders&#8217; equity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 37</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>iii.</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: 10pt" lang=EN-US face=Arial,sans-serif>Group Companies</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Results and financial position of all of the Group&#8217;s entities (none of them has currency from a hyperinflationary economy), whose functional currency is different from the reporting currency, are converted into the reporting currency, as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<UL style="MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0cm" type=disc>

<LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Assets and liabilities from each balance sheet presented are converted by the closing rate on the balance sheet date. </FONT></LI></UL>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<UL style="MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0cm" type=disc>

<LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Revenues and expenses from each income statement are converted 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 this case, revenues and expenses are converted by the rate on the operations dates); and&nbsp; </FONT></LI></UL>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<UL style="MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0cm" type=disc>

<LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>All resulting exchange rate differences are registered as a separate item under other comprehensive income.</FONT> </LI></UL>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Under the consolidation, exchange rate differences resulting from the conversion of monetary items of investment in foreign operations are recognized in shareholders&#8217; equity. When a foreign operation is partially disposed of or sold, exchange rate differences registered in other comprehensive income are recognized in the statement of income as part of gain or loss on sale.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Cash and cash equivalents</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Trade accounts receivable</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 quarterly financial information. The allowance for doubtful accounts was recorded in an amount considered adequate to support possible losses. Management&#8217;s assessment takes into account the client&#8217;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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Inventories&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>These are recorded at the lowest value between the cost and the net realizable value. The cost is determined using the average weighted cost method in the acquisition of raw materials.</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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 estimates costs necessary to carry on the sale.</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 38 </FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Investments&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Investments in subsidiaries, jointly-owned subsidiaries and affiliated companies are recorded and measured by the equity accounting method and &nbsp;recognized initially by the cost. Gains or losses are recognized in income for the period as operating income (or expenses) in the parent company quarterly financial information. In the case of exchange variation of investment abroad whose functional currency is different to the Company&#8217;s currency, variations in the amount of investments deriving solely from the exchange variation are recorded in the cumulative translation adjustment &nbsp;account, in the Company&#8217;s shareholders&#8217; equity, and are only &nbsp;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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>When necessary, the accounting practices of the subsidiaries and jointly-owned subsidiaries are changed to ensure criteria, consistency and uniformity with the practices adopted by the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Property, plant and equipment</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Registered by acquisition, formation or construction costs, net of accumulated depreciation or depletion and reduction to recoverable value. Depreciation is calculated by the straight-line method based on the economic useful life remaining from assets according to Note 12 and depletion of mines is calculated based on the amount of ore extracted, and plots of land are not depreciated in view that are considered as undefined useful life. The Company records in the book value of property, plant, and equipment, the replacement cost, by writing-off the book value of the portion that has been replaced, if it is probable that future economic benefits incorporated therein will be reverted to the Company, and if the asset cost may be estimated reliably. All other expenses are registered to the expense account when incurred. Loan costs related to funds raised for work in progress are capitalized until these projects are concluded. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 &#8220;other operating income/expenses&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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. Exploitation 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Intangible assets</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Intangible assets with indefinite useful lives, as well as goodwill for expected future profitability, are not amortized. </FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 39</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Goodwill&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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 acquisition of subsidiaries is recorded as intangible asset in the consolidated quarterly financial information. In the parent company balance sheet, the goodwill is included in investments. Negative goodwill is recorded as gain in the result for the period, on the acquisition date. Goodwill is annually tested for impairment. Impairment losses recognized over goodwill are irreversible. Gains and losses from the disposal of a Cash Generating Unit (CGU) include goodwill book value relating to the CGU sold. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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 &nbsp;groups of Cash Generating Units, which should benefit from the business combination goodwill came from, and the unit is not larger than the operational segment.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Software&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Software licenses purchased are capitalized based on incurred costs to buy software and to make them ready to be used. These costs are amortized by the straight-line method during the estimated economic useful life. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Impairment of non-financing assets </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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 impairment verification 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 exceeding its recoverable value. This last one is the highest value between an asset fair value net of sale costs and its value in use. For the purposes of impairment valuation, assets are divided into the lowest levels to which there are inflow identifiable cash flows separately (Cash Generating Units (CGUs)). Non-financial assets, except goodwill, which have been impaired, are subsequently reviewed to analyze a possible impairment reversal on the reporting date. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Employee Benefits</FONT></B></P>

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<P style="TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Employee benefits</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Defined contribution plans </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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 obligation to pay additional values. Liabilities for contributions to defined contribution pension plans are accounted for as employee benefit expenses to the result 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>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 40</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Defined benefit plans</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=#83a3e8 face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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&#8217;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 discounted at its present value. Any costs of unregistered previous services and fair values of any plan assets are discounted. Discount rate is the return shown on the reporting date of the quarterly financial information to first-tier debt securities, whose maturity dates are close to the Company&#8217;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 unrecognized 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&#8217;s life, or in the settlement of the plan liabilities. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>When benefits of a plan are increased, the increased benefit portion relating to employee&#8217;s previous service is registered in the result 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 result.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 0cm 0cm 0cm 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0cm 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>i</FONT>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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Profit sharing and incentive compensation</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(<FONT style="FONT-SIZE: 10pt" face=Arial>l</FONT>)</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: 10pt" lang=EN-US face=Arial,sans-serif>Provisions&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Concessions&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Company has governmental concessions and payments are classified as operating lease.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 41 </FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><STRONG><FONT face=Arial></FONT></STRONG>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Capital Stock </FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Common shares are classified under shareholders&#8217; equity.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Additional costs directly attributed to the issue of new shares or options are stated in shareholders&#8217; equity as a deduction of the amount raised, net of taxes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>When any company of the group buys shares from the Company&#8217;s capital stock (treasury shares), the value paid, including any additional costs directly chargeable (net of income tax), is decreased from the shareholders&#8217; equity ascribed to the Company&#8217;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&#8217; equity ascribed to the Company&#8217;s shareholders.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Operating revenue</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 116%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(p)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Financial income/expenses</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=blue face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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: 116%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>gains and losses arising from the change </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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&#8217;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: 0cm 1.45pt 0pt 0cm; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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 income statement, impairment losses recognized in the financial assets, and losses on hedging instruments that are recognized in the income statement. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are measured in the income statement using the effective interest method. </FONT></P>

<P style="MARGIN: 0cm 1.45pt 0pt 0cm; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 42</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 1.45pt 0pt 0cm; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Exchange gains and losses are reported on a net basis.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(q)</FONT></B><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Income tax and social contribution</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>Income tax and social contribution for current and deferred year are calculated at the rate of 15%, plus a surtax of 10% on taxable income exceeding R$240, and at the rate of 9% on taxable income for the social contribution on net income. Tax losses and social contribution tax loss carryforward are offset, limited to 30% of the taxable income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><BR></FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Income tax and social contribution expense comprise current and deferred tax.&nbsp; Current and deferred taxes are recognized in the income statement except to the extent that it relates to a business combination, or items recognized directly in shareholders&#8217; equity.&nbsp; </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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 of the quarterly financial information and any adjustment to tax payable in respect of previous years.&nbsp; </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>Deferred taxation is recognized on temporary differences arising between the book values of assets and liabilities for accounting purposes and corresponding amounts applied for tax purposes.&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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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: 0cm 1.45pt 0pt 0cm; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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: 0cm 1.45pt 0pt 0cm; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 116%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(r)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Earnings per share </FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Earnings per share are calculated through the net income for the period attributable to the Company&#8217;s controlling shareholders and the weighted average of the common shares outstanding in the respective period. Diluted earnings per share are 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>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 43</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 116%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(s)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Environmental costs and restoration of areas </FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US 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: 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US 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>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 116%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(t)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Research and development </FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>All these costs are recognized in the statement of income when incurred, except when they meet the criteria for capitalization . Expenses on the research and development of new products &nbsp;for the &nbsp;period ended March 31, 2011 was R$1,312 (R$886 on March 31, 2010). </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Financial instruments </FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Classification &nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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&#8217;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: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 cash flow hedge. Assets in this category are classified as current. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>Loans and receivables</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 affiliated companies, trade accounts receivable, other accounts receivable and cash and cash equivalents, excluding short-term investments. Cash and cash equivalents are recognized by 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: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>Financial assets held to maturity</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>They are basically financial assets acquired with the financial purpose and financial capacity to be held in portfolio until maturity. Investments held to maturity are firstly recognized by value added by any directly attributable transaction costs. After their initial recognition, these are measured at the amortized cost through the effective interest rate method, decreased by any impairment loss.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>Financial assets available for sale</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>These are non-derivative financial assets designated as available for sale that are not classified in any other category. They are included in noncurrent assets when they are the Company&#8217;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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 116%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>ii)</FONT></B><B><FONT style="LINE-HEIGHT: 116%; 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: 116%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Recognition and Measurement</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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 income statement. Financial assets at fair value through income statement 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 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 income statement are subsequently recognized at fair value. Loans and receivables are accounted for at amortized cost, using the effective interest rate method.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Gains or losses arising from changes in the fair value of financial assets measured at fair value through income statement are presented in the income statement under financial income in the period when they occur. Revenue from dividends of financial assets measured at fair value through income statement is recognized in the income statement as part of other financial income, when the Company&#8217;s right to receive the dividends is established.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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&#8217; book value. The exchange rate changes in financial assets are recognized in income statement. The exchange rate changes in non-financial assets are recognized in shareholders&#8217; equity. 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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&#8217; equity&#8217;s instruments available for sale, such as shares, are recognized in the income statement as part of other financial income, when the Company&#8217;s right to receive payments is established.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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 the income statement of equity instruments are not reversed through the income statement. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 116%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; 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: 116%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Offsetting financial instruments</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>A financial asset and a financial liability is offset and the net amount reported 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>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 116%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; 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;</FONT><B><FONT style="LINE-HEIGHT: 116%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment of financial assets</FONT></B></P>

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<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Arial,sans-serif>Assets measured at the amortized cost</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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 &#8220;loss event&#8221;) 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Arial,sans-serif>a contract breach, such as default or delinquency in interest or principal payments; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=#231f20 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 46</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Arial,sans-serif>- National or local economic conditions that relate to the default on the portfolio&#8217;s assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Arial,sans-serif>The amount of loss is measured as the difference between the book value 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&#8217; original effective interest. The book value 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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&#8217;s credit rating), the impairment loss reversal will be recognized in the consolidated income statement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Arial,sans-serif>Assets classified as available for sale </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 above. For equity instrument (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 loss over the financial asset previously recognized in the income statement, will be reclassified from shareholders&#8217; equity and recognized in the income statement. If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases, and such increase can be objectively related to an event occurred after the impairment was recognized as loss, the impairment loss is reversed through the income statement.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#231f20 face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 54pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Derivatives instruments and hedge activities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>Foreign exchange gain of long term investment nature</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Any gain or loss of the&nbsp; instrument related to the effective portion is recognized in shareholders&#8217; equity. The gain or loss related to the non-effective portion is immediately recognized in the statement of income under &#8220;Other net gains (losses)&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Some derivative instruments are not qualified for hedge accounting. Changes in fair value of any of these derivative instruments are immediately recognized in the statement of income under &#8220;Other net gains (losses)&#8221;. </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 47</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Segment information </FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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&#8217;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 26).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Government grants</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 the income statement 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: 0cm 0cm 0cm 25.5pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 0cm 21.2pt 0pt 0cm; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 21.2pt 0pt 0cm; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>3.</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: 10pt" lang=EN-US face=Arial,sans-serif>RELATED PARTIES TRANSACTIONS</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Transactions with Parent Company</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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&#8217;s main shareholder, with a 47.86% interest in the voting capital.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On December 27,2010, Rio IACO acquired 3.99% of interest in CSN by Caixa Beneficiente dos Empregados da CSN (&#8220;CBS&#8221;) becoming part of the controlling group.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>CSN recorded interest on shareholders&#8217; equity for the period for Vicunha Siderurgia and Rio Iaco, whose accumulated amount with the balance of December 31, 2010, is indicated in the table below, according to the interest percentage of Vicunha Siderurgia and Rio Iaco in CSN until the closing date of this quarterly financial information.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 6.75pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 6.75pt" vAlign=bottom rowSpan=2 width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Vicunha Siderurgia</FONT></P></TD>

   <TD style="HEIGHT: 6.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 6.75pt" vAlign=bottom rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest on shareholders' equiy proposed</FONT></P></TD>

   <TD style="HEIGHT: 6.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 6.75pt" vAlign=bottom rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Additional proposed dividends</FONT></P></TD>

   <TD style="HEIGHT: 6.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 6.75pt" vAlign=bottom rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 6.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 6.75pt" vAlign=bottom rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Dividends distributed</FONT></P></TD>

   <TD style="HEIGHT: 6.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 6.75pt" vAlign=bottom rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest on shareholders' equiy paid</FONT></P></TD></TR>

<TR style="HEIGHT: 39pt">

   <TD style="HEIGHT: 39pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Minimum mandatory dividends</FONT></P></TD>

   <TD style="HEIGHT: 39pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 39pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 39pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 39pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 39pt" width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 3/31/2011</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>130,309 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>226,746 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>587,524 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>944,579 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 12/31/2010</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>130,309 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>170,749 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>587,524 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>888,582 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>717,834 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>33,499 </FONT></P></TD></TR>

<TR style="HEIGHT: 5.1pt">

   <TD style="HEIGHT: 5.1pt" width="22%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="22%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 6.75pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 6.75pt" vAlign=bottom rowSpan=2 width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Rio Iaco</FONT></P></TD>

   <TD style="HEIGHT: 6.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 6.75pt" vAlign=bottom rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest on shareholders' equiy proposed</FONT></P></TD>

   <TD style="HEIGHT: 6.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 6.75pt" vAlign=bottom rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Additional proposed dividends</FONT></P></TD>

   <TD style="HEIGHT: 6.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 6.75pt" vAlign=bottom rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 6.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 6.75pt" vAlign=bottom rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Dividends distributed</FONT></P></TD>

   <TD style="HEIGHT: 6.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 6.75pt" vAlign=bottom rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest on shareholders' equiy paid</FONT></P></TD></TR>

<TR style="HEIGHT: 34.5pt">

   <TD style="HEIGHT: 34.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 34.5pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Minimum mandatory dividends</FONT></P></TD>

   <TD style="HEIGHT: 34.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 34.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 34.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 34.5pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 34.5pt" width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 3/31/2011</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>10,865 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>18,905 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>48,985 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>78,755 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 12/31/2010</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>10,865 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>14,236 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>48,985 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>74,086 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter49"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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

&nbsp; <A name="page_50"></A>

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<a name="_bclHeader50"></a><DIV>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 2.15pt 0cm 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="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The corporate structure of Vicunha Siderurgia is described as follows (unreviewed information):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Rio Purus Participa&#231;&#245;es S.A. &#8211; holds 60% in National Steel and 59.99% in Vicunha Steel S.A. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CFL Participa&#231;&#245;es S.A. &#8211; holds 40% in National Steel and 39.99% in Vicunha Steel S.A. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>National Steel &#8211; holds 33.04% in Vicunha A&#231;os&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Vicunha Steel &#8211; holds 66.96% in Vicunha A&#231;os </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif>Vicunha A&#231;os &#8211; holds 99.99% in Vicunha Siderurgia </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Transactions with jointly-owned subsidiaries</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Assets&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><STRONG><FONT size=2 face=Arial></FONT></STRONG>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="44%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt" vAlign=bottom rowSpan=2 width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Accounts receivable</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt" vAlign=bottom rowSpan=2 width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Dividends receivable</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt" vAlign=bottom rowSpan=2 width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 19.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 19.5pt" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="HEIGHT: 19.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 19.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 19.5pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 19.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Loans (*)</FONT></B></P></TD>

   <TD style="HEIGHT: 19.5pt" vAlign=bottom width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Nacional Min&#233;rios</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>147,382 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>587,770 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,214,928 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,950,080 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>MRS Log&#237;stica</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>600 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>23,144 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>23,744 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>It&#225; Energ&#233;tica</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,321 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,321 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 3/31/2011</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>147,982 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>616,235 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,214,928 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,979,145 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 12/31/2010</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>47,268 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>616,989 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,241,095 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,905,352 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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$17,128 on March 31, 2011 over the face value of this agreement is entitled to compensatory interest corresponding to 101% of CDI Cetip, with half-yearly maturities and principal will be paid on January 31, 2012.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Liabilities&nbsp;&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 23.25pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 23.25pt" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="HEIGHT: 23.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 23.25pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Advance from clients</FONT></B></P></TD>

   <TD style="HEIGHT: 23.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 23.25pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Checking account</FONT></B></P></TD>

   <TD style="HEIGHT: 23.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 23.25pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></B></P></TD>

   <TD style="HEIGHT: 23.25pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 23.25pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Nacional Min&#233;rios</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,972,708 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>29,259 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>55 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8,002,022 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>MRS Log&#237;stica</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>20,945 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>20,945 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>It&#225; Energ&#233;tica</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>14,633 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>14,633 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 3/31/2011</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,972,708 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>29,259 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>35,633 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8,037,600 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 12/31/2010</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,924,542 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>18,423 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>68,340 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8,011,305 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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; 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 2.15pt 0cm 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="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Income&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt" vAlign=bottom rowSpan=2 width="34%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="32%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Revenues</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="32%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Expenses</FONT></B></P></TD></TR>

<TR style="HEIGHT: 48.75pt">

   <TD style="HEIGHT: 48.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 48.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Sales</FONT></B></P></TD>

   <TD style="HEIGHT: 48.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 48.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest and monetary exchange variations</FONT></B></P></TD>

   <TD style="HEIGHT: 48.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 48.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 48.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 48.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Purchases</FONT></B></P></TD>

   <TD style="HEIGHT: 48.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 48.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest and monetary exchange variations</FONT></B></P></TD>

   <TD style="HEIGHT: 48.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 48.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Nacional Min&#233;rios</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>266,583 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>31,577 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>298,160 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>10,836 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>238,523 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>249,359 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>MRS Log&#237;stica</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>103,127 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>103,127 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>It&#225; Energ&#233;tica</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>40,993 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>40,993 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 3/31/2011</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>266,583 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>31,577 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>298,160 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>154,956 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>238,523 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>393,479 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 3/31/2010</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>121,998 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>24,580 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>146,578 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>182,594 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>230,092 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>412,686 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>c) Transactions with subsidiaries and special purpose entities (exclusive investment funds)</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Assets&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom rowSpan=3 width="23%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Accounts receivable</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Marketable securities / investments<FONT style="FONT-SIZE: 8pt" face=Arial><SUP>(1)</SUP></FONT></FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Loans<SUP>(2)</SUP></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>/<BR>Advances</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Dividends receivable</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Advance for future capital increase</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Derivative financial instruments<SUP>(3)</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="HEIGHT: 20.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 20.25pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 20.25pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 20.25pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 20.25pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 20.25pt" width="1%">&nbsp;</TD>

   <TD style="HEIGHT: 20.25pt" width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Islands VIII</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,072 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>217,090 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>221,162 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Portugal</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>491,159 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>491,159 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Europe</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>219,141 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>219,141 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Export </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>90,136 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>90,136 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Lusosider</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>27,534 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>27,534 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>International Investment Fund</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>20,457 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>20,457 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Inal Nordeste</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15,590 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15,590 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Companhia Metal&#250;rgica Prada</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>85,887 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>41,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>126,887 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Cimentos</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,090 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>712,394 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>714,484 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Cia. Metalic Nordeste</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>441 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>441 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Estanho Rond&#244;nia</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,169 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,169 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Transnordestina Log&#237;stica</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12,406 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12,406 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Florestal Nacional</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>140,733 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>140,733 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Sepetiba Tecon </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>144 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,555 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,699 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Itamambuca Participa&#231;&#245;es</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>301 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>301 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Exclusive funds</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,167,568 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,167,568 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 3/31/2011</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>932,122 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,167,568 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>166,359 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,856 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>769,872 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>217,090 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,258,867 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 12/31/2010</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>814,409 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>204,677 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>141,639 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,856 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,252,801 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>254,231 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,673,613 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(1) The financial investments and the investments in exclusive funds are managed by Banco BTG Pactual. Investments in Usiminas shares totaled R$241,090 classified as investments.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(2) International Investment Fund &#8211; agreement in US$ dollars: 4.3% p.a. interest with indeterminate maturity. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;&nbsp; Florestal Nacional &#8211; agreement in Brazilian reais (R$): 100.5% to 105.5% CDI with maturity extended to July 1,2011 (previous maturity: April 1<SUP>st</SUP>, 2011)</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(3) Financial instruments agreement, specifically Swap between CSN and Islands VIII.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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; 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 2.15pt 0cm 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="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Liabilities&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt" vAlign=bottom rowSpan=3 width="34%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="32%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Loans and financing</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="21%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Accounts payable</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt" vAlign=bottom rowSpan=3 width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.75pt" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Pre-payment <SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.75pt" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Fixed Rate Notes<SUP>(2)</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.75pt" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Loans and intercompany <BR>bonds <SUP>(2)</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.75pt" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Loans <SUP>(3)</SUP> / checking account</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.75pt" vAlign=bottom rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 20.25pt">

   <TD style="HEIGHT: 20.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 20.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 20.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 20.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 20.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 20.25pt" width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Islands VIII</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,178,396 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,496 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,179,892 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Portugal</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>330,633 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>330,633 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Europe</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>17,125 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>35,517 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>52,642 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Resources </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,788,890 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>721,022 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,546,909 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,056,822 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Aceros</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>16,373 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>16,373 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Ib&#233;ria</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>38,151 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>38,151 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Estanho Rond&#244;nia</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,686 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,686 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Congonhas Min&#233;rios</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,267,639 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,267,639 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other (*)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,880 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,880 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 3/31/2011</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,119,523 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,899,418 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,831,673 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>91,537 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,566 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,949,718 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 12/31/2010</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,080,721 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,955,135 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,253,838 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>570,257 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>43,774 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,903,725 </FONT></B></P></TD></TR></TABLE><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B></DIV>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" 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; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 45pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Contracts in US$ - CSN Resources: interest of 3.99% p.a. with maturity in April 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Contracts in US$ - CSN Resources : 2.01% and 2.50% with maturity in December 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Contracts in US$ - CSN Resources: interest of 4.14% p.a. with maturity in July 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Contracts in YEN &#8211; CSN Islands VIII: interest of 5.65% p.a. with maturity in December 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Contracts in US$ &#8211; CSN Europe: semiannual Libor + 2.25% p.a. with maturity on September 15, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Contracts in R$ - Congonhas Min&#233;rios: 100.3% to 105.5% p.a. of CDI, with maturity postponed to July 1, 2011 (previous maturity: April 1, 2011). </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Contracts in US$ - CSN Ib&#233;ria: semiannual Libor + 3% p.a. with indeterminate maturity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 49.5pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=PT-BR face=Arial,sans-serif>(*)</FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=PT-BR face=Arial,sans-serif> </FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=PT-BR face=Arial,sans-serif>Other</FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=PT-BR face=Arial,sans-serif>:&nbsp;</FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=PT-BR face=Arial,sans-serif> Companhia Metal&#250;rgica Prada, Cia. </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Metalic Nordeste, Sepetiba Tecon and Inal Nordeste.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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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<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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Income&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt" vAlign=bottom rowSpan=4 width="34%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="32%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Revenues</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="32%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Expenses</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt" vAlign=bottom rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Sales</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt" vAlign=bottom rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest and monetary and exchange variations</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom rowSpan=3 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt" vAlign=bottom rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom rowSpan=3 width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.95pt" vAlign=bottom rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Purchases</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom rowSpan=3 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 12.95pt" vAlign=bottom rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest and monetary and exchange variations</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom rowSpan=3 width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 12.95pt" vAlign=bottom rowSpan=3 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.25pt">

   <TD style="HEIGHT: 8.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.25pt" width="1%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 24.75pt">

   <TD style="HEIGHT: 24.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 24.75pt" width="1%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Islands VIII</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15,481 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15,481 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>16,219 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>16,219 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Portugal</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>235,141 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,483 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>242,624 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>16,023 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>16,023 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Europe</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>51,085 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,924 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>53,009 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,656 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,656 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Resources</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>96,081 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>96,081 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>61,212 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>61,212 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Export </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8,644 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8,644 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,385 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,385 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Lusosider</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>27,497 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>35 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>27,532 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>International Investment Fund</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>162 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>162 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>429 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>429 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Ib&#233;ria</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,284 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,284 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>264 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>264 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Aceros</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>377 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>377 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Inal Nordeste</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>17,050 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>17,050 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>74 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>74 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Companhia Metal&#250;rgica Prada</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>261,036 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>261,036 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,698 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,698 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSN Cimentos</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,035 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,035 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>75 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>75 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Cia. Metalic Nordeste</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>17,769 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>17,769 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>685 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>685 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Estanho de Rond&#244;nia</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15,712 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15,712 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Florestal Nacional</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,588 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,588 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Sepetiba Tecon</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,041 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,041 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>264 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>264 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Exclusive funds</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>80,176 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>80,176 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Congonhas Min&#233;rios</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>33,566 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>33,566 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 3/31/2011</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>624,298 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>126,415 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>750,713 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>20,508 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>215,930 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>236,438 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 3/31/2010</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>528,674 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>190,058 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>718,732 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>10,757 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>219,681 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>230,438 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>d) Other related parties</FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>CBS Previd&#234;ncia</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 28.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Funda&#231;&#227;o CSN</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Banco Fibra</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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; 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>CBL &#8211; Companhia Brasileira de Latas</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CBL (Companhia Brasileira de Latas) operates in the metallic steel packages segment for the chemical and food segments, supplying packages to the main companies in the market. CSN holds 0.0053% interest considering it is a debenture holder of CBL.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On March 31, 2011, in the long-term, the Company had accounts receivable amounting to R$239,039 (R$239,039 on December 31, 2010), and debentures, amounting to R$212,870 (R$212,870 on December 31, 2010) which are duly accrued.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Assets and Liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

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   <TD style="HEIGHT: 12.95pt" width="30%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Liabilities</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Companies</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Banks / <BR>marketable securities</FONT></B></P></TD>

   <TD style="HEIGHT: 24.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 24.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Accounts receivable</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Checking account</FONT></B></P></TD>

   <TD style="HEIGHT: 24.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Actuarial liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 24.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 24.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Accounts payable</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CBS Previd&#234;ncia</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>367,839 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>367,846 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 12.95pt" width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Funda&#231;&#227;o CSN</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,199 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,199 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>80 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>80 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Banco Fibra</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;72 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>72 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Usiminas </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>25,826 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>25,826 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12,839 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12,839 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Panatl&#226;ntica</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>17,172 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>17,172 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>72 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>42,998 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,199 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>44,269 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>367,839 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12,926 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>380,765 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 12/31/2010</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>86 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>24,682 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,199 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>25,967 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>367,839 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>16,133 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>383,972 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Income</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 16.5pt">

   <TD style="HEIGHT: 16.5pt" width="35%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 16.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.5pt" width="38%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Revenues </FONT></B></P></TD>

   <TD style="HEIGHT: 16.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 16.5pt" width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Expenses</FONT></B></P></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" vAlign=bottom width="35%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Interest / sales revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Pension Fund expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Purchases / other expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CBS Previd&#234;ncia</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15,345 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15,345 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Funda&#231;&#227;o CSN</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>447 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>447 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Banco Fibra</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>35 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>35 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CBL</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>16,900 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>16,900 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12,304 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12,304 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Usiminas</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>79,971 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>79,971 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,038 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,038 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Panatl&#226;ntica</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>55,772 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>55,772 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 3/31/2011</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>152,678 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>152,678 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15,345 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>18,789 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>34,134 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt" width="35%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total on 3/31/2010</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>11,138 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>11,138 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>18,491 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>68 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>18,559 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>e)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> Key-management personnel</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Key management personnel are responsible for planning, directing and controlling the Company&#8217;s activities and include the members of the Board of Directors and statutory directors. Information on compensation and balances existing on March 31, 2011 is shown below.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="72%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt" vAlign=bottom width="72%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15.75pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Income</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15.75pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Income</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="72%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Short-term benefits for employees and Management</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,913 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,925 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="72%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Post-employment benefits</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="72%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other long-term benefits</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>n/a</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>n/a</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="72%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Benefits of labor agreement termination</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>n/a</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>n/a</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="72%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Share-based compensatin</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>n/a</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>n/a</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" vAlign=bottom width="72%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,933 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,945 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>n/a &#8211; not applicable</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>f) Policy for investments and payment of interest on shareholders&#8217; equity and distribution of dividends </FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 sharing policy which will result in the full distribution of net income to its shareholders, in compliance with Law 6,404/76, as 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&#8217;s good financial standing.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>CASH AND CASH EQUIVALENTS</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Current assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Cash and cash equivalents</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Cash and banks</FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>120,633 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>156,580 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>31,125 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>14,033 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.25pt">

   <TD style="HEIGHT: 8.25pt" width="45%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.25pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 8.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 8.25pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 8.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 8.25pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 8.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 8.25pt" width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Marketable securities</FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>In Brazil:</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Exclusive investment funds</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>926,478 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Investment funds</FONT></P></TD>

   <TD style="HEIGHT: 12pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>508,258 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Government bonds</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,344,041 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>477,529 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" width="45%">

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Fixed income and debentures (*)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,366,653 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,134,364 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>52,625 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>93,062 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,710,694 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,611,893 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,487,361 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>93,062 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Abroad:</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Time Deposits</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,283,720 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,470,805 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,160 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,202 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total marketable securities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>10,994,414 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>10,082,698 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,488,520 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>94,264 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 2.25pt">

   <TD style="HEIGHT: 2.25pt" width="45%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 2.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 2.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Cash and cash equivalents</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>11,115,047 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>10,239,278 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,519,645 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>108,297 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 government and private bonds, with immediate liquidity. Additionally, a significant portion of the financial funds of the Company and its subsidiaries abroad is invested in Time Deposits with first-tier banks.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 fund quotaholders may be called to secure the shareholders&#8217; equity in the event of losses resulting from interest rate, exchange rate or other financial asset variations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&#8220;V&#233;rtice&#8221; investment fund portfolio is managed by Federal Savings Bank (CEF).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(*) Fixed Income:</FONT></B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> financial investments in the amount of R$1,978,029 in the consolidated and R$52,6235 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="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(*) Debentures</FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>: Company&#8217;s investments totaling R$388,624 in consolidated, R$350,394 from subsidiary and R$38,230 from jointly-owned subsidiary MRS, with remuneration based on the variation of the Interbank Deposit Certificates &#8211; CDI.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>TRADE ACCOUNTS RECEIVABLE </FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Clients</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Third parties</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Domestic market</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>907,167 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>846,507 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>561,766 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>577,589 </FONT></P></TD></TR>

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   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>614,689 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>530,356 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,043 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>14,948 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Allowance for doubtful accounts</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(125,166)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(117,402)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(104,395)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(99,023)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,396,690 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,259,461 </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>463,414 </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>493,514 </FONT></B></P></TD></TR>

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   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Related parties (Note 3 - b and c)</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,080,104 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>861,677 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,396,690 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,259,461 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,543,518 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,355,191 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other accounts receivable</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Dividends receivable</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>621,790 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>622,544 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Loans to subsidiaries and jointly-owned subsidiaries</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>529,980 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>17,318 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,360,830 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>164,210 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other receivables</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66,157 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90,980 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,939 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,027 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596,137 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108,298 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 2,009,559 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825,781 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 1,992,827 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 1,367,759 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 3,553,077 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 2,180,972 </FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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&#8217;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 grants trade bills/notes issued by it to common banks. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter56"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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

&nbsp; <A name="page_57"></A>

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<a name="_bclHeader57"></a><DIV>

<P style="MARGIN: 0cm 0cm 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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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 2.15pt 0cm 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="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Considering the type of the loan granting operations without co-obligation, CSN, 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>This operation amounts to R$284,095 on March 31, 2011 (R$247,680 on December 31,2010), deducted from accounts receivable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="44%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="44%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Opening balance</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (117,402)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (164,077)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99,023)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; (107,558)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Provision for trade accounts receivable losses</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(10,614)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,439)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9,143)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,535)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Credits recovered</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,850 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54,114 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,771 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,070 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(125,166)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(117,402)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(104,395)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(99,023)</FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>INVENTORIES&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Finished products</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>847,239 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,016,594 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>611,004 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>783,556 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Work in process</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>635,856 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>588,723 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>526,163 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>550,824 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Raw materials</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>675,745 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>656,286 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>530,160 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>534,514 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Supplies</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>907,760 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>864,205 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>767,304 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>737,407 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Iron ore</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>316,684 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>313,716 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>166,412 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 13.5pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>179,543 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Allowance for losses</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(97,545)</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(83,738)</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(87,317)</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 14.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(79,131)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,285,739 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,355,786 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,513,726 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,706,713 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On March 31, 2011, the Company had iron ore long-term inventories amounting to R$130,341, classified in other non-current assets (R$130,341 on December 31,2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>OTHER CURRENT ASSETS</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Prepaid taxes</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>23,301 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>89,596 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,129 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Margin required for financial instruments (Note 15)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>295,687 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>254,485 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Unrealized gains with derivatives</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>217,090 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>254,231 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>318,988 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>344,081 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>217,090 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>261,360 </FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>CURRENT AND DEFERRED INCOME AND SOCIAL CONTRIBUTION TAXES</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Income and social contribution taxes (IR and CSLL) recognized in the income statement:</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Income and social contribution taxes recognized in the income statement for the period are shown below:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#333333 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#333333 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#333333 face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#333333 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#333333 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#333333 face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt" width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(Expenses)/revenue with income and social contribution taxes</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Current</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96,670)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37,635)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48,411)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9,799)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Deferred</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41,375 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,511 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90,362 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54,639 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55,295)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31,124)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41,951 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,840 </FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT></DIV>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#333333 face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#333333 face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Income before income and social contribution taxes</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>670,990 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478,394 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575,568 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404,098 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Rate</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>34%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>34%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>34%</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>34%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Income and social contribution taxes at the combined tax rate</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(228,137)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (162,654)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (195,693)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (137,393)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Adjustments to reflect the effective tax rate:</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Benefit of interest on shareholders' equity - JCP</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>39,784 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,329 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,784 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,329 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="45%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Equity in the earnings of subsidiaries at different rates or which are not taxable</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>123,576 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,835 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183,511 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82,384 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Tax incentives</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,927 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,927 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="45%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Adjustments from installment payment of Law 11,941 and MP 470 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>103,181 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99,710 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other permanent exclusions (additions) (*)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,555 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21,955)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,422 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30,190)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Income and social contribution taxes on income for the period</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(55,295)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31,124)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41,951 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,840 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Effective rate</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8%</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7%</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>-7%</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>-11%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Deferred income and social contribution taxes:</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 book value.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Deferred</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Tax loss on income tax</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3,713</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,944 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Negative basis of social contribution</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,428 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,871 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Temporary differences</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,543,753 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,586,126 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 922,961 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854,437 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- Provision for contingencies</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340,489 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298,708 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323,148 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276,098 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>- Provision for losses in assets</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>42,174 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40,345 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,237 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,342 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>- Provision for losses in inventory</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>28,752 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26,011 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28,443 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,660 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>- Provision for gains/losses in financial instruments</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>130,968 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183,169 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107,211 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116,753 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>- Provision for interest on shareholders' equity</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>161,141 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121,351 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161,141 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121,351 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>- Provision for long-term sales</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1,221 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,221 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,221 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,221 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>- Provision for inputs and services</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>48,272 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,828 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31,688 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31,371 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- Allowance for doubtful accounts</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149,096 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146,865 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147,698 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144,732 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>- Provision for payments of private pension plan </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7,012 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,012 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- Capitalized interest</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46,980 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,813 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,696 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37,475 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- Goodwill from merger</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529,095 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599,730 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33,436 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36,780 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>- Other</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58,553 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60,073 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,042 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40,654 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,548,894 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,592,941 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 922,961 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854,437 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Non-current assets</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,559,215 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,592,941 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 922,961 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854,437 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Non-current liabilities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10,321)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Some companies of the group, recorded tax credits on income and social contribution taxes loss carryforwards 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In July 2010, the Company adhered to the Tax Recovery Program &#8211; 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) from the credits deriving from income and social contribution taxes loss carryforwards 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Some of CSN&#8217;s subsidiaries have tax credits amounting to R$298,339 and R$84,704 of income and social contribution taxes losses carryforwards, for which no deferred tax was recorded, of which R$15,364 expire in 2011, R$52 in 2012, R$9,241 in 2013, R$647 in 2014, R$26,569 in 2015 and R$41,314 in 2025. The remaining tax credits refer to domestic companies, thus, these do not expire.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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&nbsp; <A name="page_60"></A>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 March 31, 2011, R$463,953 (R$394,360 until 2010) was realized, and remains R$927,905 to be realized by 2014. From 2011 to 2013 this realization will be R$208,779 for 2011, R$278,372 for 2012 and 2013 and in the last year, in 2014, the benefit will be R$162,382.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Undistributed profits related to the Company&#8217;s foreign subsidiaries were invested and continued to be invested in its operations. These undistributed profits related to the Company&#8217;s foreign subsidiaries amounted to R$2,662,776 on March 31, 2011. If circumstances change and the tax authorities position when applying treaties to avoid double taxation to prevail at courts, these undistributed profits may trigger a tax risk of R$1,157,705.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Income tax recognized in shareholders&#8217; equity:</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Income and social contribution taxes directly recognized in shareholders' equity are shown below:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#333333 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#333333 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#333333 face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#333333 face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(Losses)/gains from Income and social contribution taxes</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Actuarial gains and losses</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>125,065 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>125,065 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>125,065 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>125,065 </FONT></P></TD></TR>

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   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="46%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Available-for-sale financial instruments</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,652 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>75,522 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(9,161)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>11,242 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; Investments in operations abroad</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>434,731 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>433,297 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>434,731 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>433,297 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Tax incentives </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 March 31, 2011, they amounted to R$2,596 (R$8,160 on December 31, 2010). </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>OTHER NONCURRENT ASSETS</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Judicial deposits (Note 19)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,797,959 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,774,706 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,724,178 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,704,026 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Taxes recoverable (*)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>246,524 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>247,910 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>109,240 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>122,868 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>281,721 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>283,478 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>172,690 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>172,202 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,326,204 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,306,094 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,006,108 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,999,096 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.1pt">

   <TD style="HEIGHT: 5.1pt" width="45%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="13%" noWrap>&nbsp;</TD></TR></TABLE><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" 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: 0cm 0cm 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: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>INVESTMENTS&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Direct interest in subsidiaries and jointly-owned subsidiaries</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3/31/2011</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3/31/2010</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">12/31/2010</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Companies</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Net</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Net</FONT></B></P></TD>

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<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Number of shares</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">%</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">income </FONT></B></P></TD>

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   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

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   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">%</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">income </FONT></B></P></TD>

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   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="5%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="5%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12.95pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(in units)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Direct</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(loss)</FONT></B></P></TD>

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   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="5%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Shareholders' </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Direct</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(loss)</FONT></B></P></TD>

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   <TD style="HEIGHT: 12.95pt" width="5%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="5%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Shareholders' </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Common</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Preferred</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">interest</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">for the period</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Assets</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Liabilities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">equity</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">interest</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Cia. Metalic Nordeste</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">92,293,156 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">5,247 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">158,172 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">47,690 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 110,482 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">8,776 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">153,707 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 48,472 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 105,235 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">INAL Nordeste</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">43,985,567 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.99 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(1,747)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">47,113 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 18,459 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">28,654 &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(787)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 41,926 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 11,524 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 30,402 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">CSN A&#231;os Longos (*)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(334)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 99.99 &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(282)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 529,833 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">265,516 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 264,317 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">GalvaSud </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="5%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="5%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">8,424 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">CSN Steel </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,204,072,527 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(63,009)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,433,874 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 137,899 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,295,975 &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (82,791)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,450,038 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 99,293 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 3,350,745 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">CSN Metals</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">256,951,582 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(10,520)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">962,355 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 5,872 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 956,483 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">27,835 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 972,894 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">5,905 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">966,989 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">CSN Americas</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">151,877,946 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">26,849 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">991,591 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 4,888 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 986,703 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">26,278 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">964,271 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">4,857 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 959,414 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">CSN Minerals</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">131,649,926 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 144,771 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,787,188 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 4,539 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,782,649 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">48,222 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,649,792 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">4,463 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,645,329 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">CSN Export </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,036,429 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 51,274 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">548,538 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">153,122 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">395,416 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(1,177)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 499,857 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 155,713 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 344,144 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Companhia Metal&#250;rgica Prada</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,444,661 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.99 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,925 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 691,493 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">208,747 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 482,746 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">4,970 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">609,133 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">170,423 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 438,710 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">CSN Islands VII</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">20,001,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (1,557)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">295,902 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">269,765 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 26,137 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(73)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 254,706 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">227,013 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 27,693 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">CSN Islands VIII </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,000 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(475)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,188,274 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,142,421 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">45,853 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">872 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,224,853 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,178,529 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 46,324 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">CSN Islands IX </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,000,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,448 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">666,333 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 665,108 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,225 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(887)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 698,345 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 698,567 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (222)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">CSN Islands X </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,000 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">632 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 75 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">34,997 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(34,922)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (1,690)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">92 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 35,645 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (35,553)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">CSN Islands XI </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">50,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (137)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,227,811 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,221,959 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">5,852 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(5,066)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,277,555 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,271,521 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 6,034 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">CSN Islands XII </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,540 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(26,823)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,570,700 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,626,710 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (56,010)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,634,731 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,663,925 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(29,194)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Tangua</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">10 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(469)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">20,758 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 38 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">20,720 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">6,470 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 21,228 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">39 &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 21,189 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">International Investment Fund </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">50,000 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">925 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">142,512 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">20,457 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">122,055 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.00 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">5,355 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 141,852 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 20,724 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 121,128 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">MRS Log&#237;stica </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">188,332,667 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">151,667,313 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">22.93 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">142,437 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 4,682,215 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,535,437 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 2,146,778 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 22.93 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">129,665 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">4,804,344 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 2,784,496 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,019,848 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Transnordestina Log&#237;stica</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,474,520,512 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">255,863,653 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">82.91 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (10,699)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,826,089 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,726,723 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,099,366 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 76.45 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (4,419)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 2,801,908 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,995,861 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">806,047 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Sepetiba Tecon</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">254,015,053 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 8,123 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">307,860 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 111,823 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">196,037 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 8,316 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 293,264 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">105,350 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">187,914 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">It&#225; Energ&#233;tica </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">520,219,172 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">48.75 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 14,093 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">858,279 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 247,271 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 611,008 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 48.75 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">11,742 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 852,239 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 255,324 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 596,915 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">CSN Energia </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">26,123 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(372)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 17,557 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (2)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 17,559 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">640 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 17,929 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (1)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">17,930 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Estanho de Rond&#244;nia - ERSA</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">34,236,307 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.99 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">5,386 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 33,144 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">9,621 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">23,523 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">75 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">27,684 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">9,548 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;18,136 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Congonhas Min&#233;rios</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">64,610,863 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (5,148)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,088,982 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,072,772 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">16,210 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">86 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,035,285 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,013,926 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">21,359 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Minera&#231;&#227;o Nacional </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,000,000 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.99 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">22 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,071 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 3 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,068 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 2 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,048 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,046 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Nacional Min&#233;rios</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">475,067,405 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">59.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">591,006 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 14,289,498 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,984,836 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 11,304,662 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 59.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 232,050 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">13,688,670 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,934,166 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 10,754,504 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">CSN Cimentos</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">854,313,855 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt" width="5%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.99 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 817 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,251,178 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">859,635 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">391,543 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 99.99 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(956)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,217,313 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 854,590 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">362,723 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="28%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Florestal Nacional</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,000,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(16,051)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">603,848 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">622,131 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (18,283)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 99.99 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">449,901 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 525,806 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="5%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (75,905)</FONT></P></TD></TR></TABLE></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(*) merged on January 28, 2011</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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&#8217; income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Investment breakdown</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="73%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="73%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Opening balance of investments</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>17,023,295 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>13,860,165 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="73%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Opening balance of provision for losses</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(140,875)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(51,246)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="73%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Capital increase/decrease</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>802,190 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,430,965 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="73%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Dividends</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(622,544)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="73%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Equity in the earnings of subsidiaries</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>496,762 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,438,170 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="73%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Comprehensive income</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>138,095 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(161,036)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="73%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Merger of subsidiary (*)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(263,983)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="73%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>940 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(12,054)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="73%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Closing balance on investments</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,165,639 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,023,295 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="73%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Closing balance of provision for losses</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(109,215)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(*) Merger of CSN A&#231;os Longos on January 28, 2011</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>c)</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: 10pt" lang=EN-US face=Arial,sans-serif>Additional Information on the main operating subsidiaries</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>CIA. METALIC NORDESTE</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Its operation unit can be characterized as one of the world&#8217;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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>INAL NORDESTE</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>A&#199;OS LONGOS</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Established in Volta Redonda in the state of Rio de Janeiro, it aims at manufacturing and selling rolled long steel, except for tubes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In October 2, 2009, the Company started the construction works of the plant, which is expected to be become operational in 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On January 28, 2011, CSN merged its subsidiary CSN A&#231;os Longs. The merger resulted in the optimization of processes, reduction and streamlining of administrative expenses, especially of managerial nature, due to the concentration into a single organizational structure of all commercial, operating and administrative activities of its companies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>COMPANHIA METAL&#218;RGICA PRADA </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><I><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Packages</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In its three production units &#8211; S&#227;o Paulo, Pelotas and Uberl&#226;ndia &#8211; Prada produces more than 1 billion steel cans per year, a performance achieved due to a combination of attributes present in the company&#8217;s path since its foundation. </FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><I><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Distribution</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The distribution unit 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 automotive to civil construction. Materials produced by Distribution unit are made from hot- and cold-rolled coils, hot-dip galvanized, tin plate, chrome-plated steel, uncoated, pre-painted and galvalume. Distribution unit also specializes in providing steel processing service, meeting the demand of many Brazilian companies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>SEPETIBA TECON </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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 de 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Sepetiba Tecon won 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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&#8217;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&#8217;s accounting records, after deducting the depreciations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>CSN ENERGIA </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>TRANSNORDESTINA LOG&#205;STICA</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Transnordestina has as its main purpose the exploration and development of the public rail cargo transport service for the Northeast network of Brazil. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On December 31, 2008, the Company&#8217;s ownership interest in Transnordestina Log&#237;stica S.A. (&#8220;TLSA&#8221;)&#8217;s capital stock was 84.49%. Currently, TLSA is CSN&#8217;s subsidiary, consolidated in the Company&#8217;s financial statements since December 2009, when CSN reached an interest of 84.97% in its capital stock, corresponding to 740,372,383 common shares.&nbsp; TLSA consolidation in the Company&#8217;s financial statements resulted from capital increases made by CSN during 2009 and which were not followed by shareholder Taquari Participa&#231;&#245;es S.A.. In that same year, Fundo de Investimentos do Nordeste &#8211; FINOR subscribed 45,513,333 new preferred shares, and at the end of 2009 then holding 5.22% of TLSA&#8217;s capital stock.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 62</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In 2010, FINOR transferred its 45,513,333 preferred shares to CSN and thereafter subscribed other 61,286,145 new preferred shares which were subsequently transferred to BNDES and BNDESPAR, and its ownership interest was zeroed at the end of that same year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On December 31, 2010, the Company had a total amount of 914,636,803 common shares and 45,513,333 preferred shares corresponding to 76.45% of TLSA&#8217;s capital stock.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s interest on March 31,2011 in TLSA&#8217;s capital stock was 82.91% in view of the capital increase approved on February 28,2011 when the Company subscribed another 474,520,512 new common shares issued by Transnordestina.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>ESTANHO DE ROND&#212;NIA - ERSA</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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&#8217;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: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>CSN CIMENTOS </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Based in Volta Redonda, State of Rio de 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.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>d)</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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Additional information on indirect interest abroad</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=PT-BR face=Arial,sans-serif>COMPANHIA SIDERURGICA NACIONAL &#8211; LLC (&#8220;CSN LLC&#8221;)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 &#8211; USA, it has an industrial plant in Terre Haute, State of Indiana &#8211; 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>LUSOSIDER&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Incorporated in 1996 in succession to Siderurgia Nacional &#8211; 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 provides 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Other investments</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>RIVERSDALE MINING LIMITED - Riversdale&nbsp; </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Incorporated in 1986, Riversdale Mining Limited (&#8220;Riversdale&#8221;) 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On March 31, 2011, CSN had 47,291,891 company shares representing 19.98% of the capital stock.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>PANATL&#194;NTICA&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On January 5, 2010, the Company&#8217;s Board of Directors approved the acquisition of common shares representing 9.39% of the capital stock of Panatl&#226;ntica S.A. (&#8220;Panatl&#226;ntica&#8221;), 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: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>USIMINAS&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Usinas Sider&#250;rgicas de Minas Gerais S.A. &#8211; USIMINAS headquartered in Belo Horizonte, state of Minas Gerais, aims at exploring the steel industry and related industries. The Company manufactures flat rolled steel at the Intendente C&#226;mara and Jos&#233; Bonif&#225;cio de 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. 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: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Company is listed at the S&#227;o Paulo Stock Exchange (&#8220;Bovespa&#8221;: USIM3 and USIM5). On March </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>31, 2011, CSN directly and indirectly held 45,162,700 common shares and 25,421,900 preferred shares.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><I><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><I><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>INVESTMENTS IN JOINT-OWNED SUBSIDIARIES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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&#8217;s financial statements, in accordance with the interest described in item (b) of Note 2. </FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>NAMISA</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>MRS</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>ITASA</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>NAMISA</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>MRS</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>ITASA</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Current assets</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,497,167 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>887,157 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>104,543 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,937,574 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,034,466 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>82,817 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Non-current assets</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>9,572,598 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,795,058 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>753,736 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>9,519,584 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,769,878 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>769,422 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Long-term assets</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8,552,775 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>437,782 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>44,518 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8,570,421 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>476,758 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>48,850 </FONT></P></TD></TR>

<TR style="HEIGHT: 0pt">

   <TD style="HEIGHT: 0pt" vAlign=bottom width="34%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Investments, property, plant and equipment and intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 0pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 0pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,019,823</FONT></P></TD>

   <TD style="HEIGHT: 0pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 0pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,357,276 </FONT></P></TD>

   <TD style="HEIGHT: 0pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 0pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>709,218 </FONT></P></TD>

   <TD style="HEIGHT: 0pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 0pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>949,163 </FONT></P></TD>

   <TD style="HEIGHT: 0pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 0pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,293,120 </FONT></P></TD>

   <TD style="HEIGHT: 0pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 0pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>720,572 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total Assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>14,069,765 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,682,215 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>858,279 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>13,457,158 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,804,344 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f8f8f8; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>852,239 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.5pt">

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="34%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Current liabilities</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,548,512 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>890,909 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>121,048 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,273,436 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,015,234 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>115,454 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Non-current liabilities</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>257,221 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,644,528 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>126,223 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,455,604 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,769,262 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>139,870 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Shareholders' equity</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>11,264,032 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,146,778 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>611,008 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>10,728,118 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,019,848 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>596,915 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" vAlign=bottom width="35%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total Liabilities and Shareholders' Equity</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>14,069,765 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,682,215 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>858,279 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>13,457,158 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,804,344 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>852,239 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="34%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="34%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>NAMISA</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>MRS</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>ITASA</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>NAMISA</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>MRS</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>ITASA</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Net revenue</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>933,661 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>649,573 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>58,373 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>343,774 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>555,044 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>55,092 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Cost of products and services sold</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(349,500)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(371,485)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(19,345)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(179,594)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(287,582)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(17,890)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Gross income (loss)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>584,161 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>278,088 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>39,028 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>164,180 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>267,462 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>37,202 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Operating (expenses) revenues</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(143,321)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(15,803)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(13,292)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(87,868)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(46,941)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(13,183)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Net financial result</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>258,174 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(45,644)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(4,327)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>235,306 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(24,096)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(6,208)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Income (loss) before income and social contribution taxes</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>699,014 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>216,641 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>21,409 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>311,618 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>196,425 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>17,811 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Current and deferred income and social contribution taxes</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(122,251)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(74,204)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(7,316)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(80,051)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(66,761)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" vAlign=bottom width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(6,069)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net income (loss) for the period</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>576,763 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>142,437 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>14,093 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>231,567 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>129,664 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>11,742 </FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>NACIONAL MIN&#201;RIOS &#8211; NAMISA</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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 de Janeiro.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Due to the new corporate structure of the jointly-owned subsidiary, in which Big Jump holds 40% and CSN 60% and, due to the shareholders&#8217; 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: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 65</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Such shareholders&#8217; agreement provides that certain extreme deadlock situations among shareholders, not solved after mediation and negotiation procedures among executive officers of the parties, may entitle CSN to exercise the call option and Big Jump to exercise the put option related to Big Jump&#8217;s shareholding in Namisa.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Other agreements executed to implement said partnership, among them the share purchase agreement and the long-term operating agreements between Namisa and CSN, provide for certain affirmative covenants, if neither complied with nor remedied within estimated terms, in certain extreme situations, may entitle the aggrieved party to exercise the put option or the call option, where applicable, related to Big Jump&#8217;s interest in Namisa.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Continuing the restructuring process of Namisa, on July 30, 2009, the jointly-owned subsidiary merged its parent company Big Jump Energy Participa&#231;&#245;es S.A.. Now Posco and Brazil Japan Iron Corp. hold a direct interest of 39.99% in Namisa. This merger did not change CSN&#8217;s shareholding structure.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>MRS LOG&#205;STICA </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s main purpose is to explore, by onerous concession, the public rail cargo transport service in the right of way of the Southeast network, located in the stretch connecting Rio de 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 paid in Namisa 10% of its interest in MRS, and decreased this direct interest from 32.93% to 22.93%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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. &#8211; Namisa, a proportionally consolidated company, and 4.34% through International Investment Fund.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>MRS may also explore 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>IT&#193; ENERG&#201;TICA S.A. - ITASA</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Itasa holds a 60.5% interest in the It&#225; Consortium, which was created for the exploration 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 </FONT>


<FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Government, by means of the Brazilian Agency for Electric Energy (ANEEL), to mature in October 2030.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>




<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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 corresponds to the energy project apportioned among the consortium holders, while the other consortium holder, Tractebel Energia S.A. (&#8220;Tractebel&#8221;), will hold the remaining 39.5 %. From the Company&#8217;s average 404.14 MW, the average of 342.95 MW is sold to its shareholders at the ratio of their interest 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>CONSORTIUM OF THE IGARAPAVA HYDROELECTRIC POWER PLANT</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The property plant and equipment balance on March 31, 2011 totals R$32,627 (R$32,919 on December 31, 2010) and the expense amount attributed to CSN totaled R$1,452 (R$1,593 on March 31, 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>PROPERTY, PLANT AND EQUIPMENT</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.25pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 33.75pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Land</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Buildings</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Machinery, equipment and facilities</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Furniture and fixtures</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Work in process</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other (*)</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Cost of property, plant and equipment</FONT></U></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="31%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on December 31, 2010</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>175,792 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,411,645 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>9,415,617 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>129,434 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4,515,806 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,237,812 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>16,886,106 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Exchange variation effect</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>500 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,181 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>7,596 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>151 &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(291)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>104 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>9,241 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Acquisitions</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>819,722 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>819,722 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(6,679)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(9,696)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(432)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(2,026)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(18,833)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Transfer to other category of assets</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,333 &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>10,276 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>174,116 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,523 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(305,661)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>96,529 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;(19,884)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Write-off from supplies to internal consumption</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(58,372)&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;(58,372)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Transfer to intangible assets</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(20)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(2,621)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,641)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(556)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(717)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;(1,273)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="31%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on March 31, 2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>178,625 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,416,423 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>9,587,633 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>131,676 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>5,029,000 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,270,709 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 17,614,066 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.1pt" width="31%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.1pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.1pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.1pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.1pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.1pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.1pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.1pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.1pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.1pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.1pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.1pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.1pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.1pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Accumulated depreciation</FONT></U></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="31%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on December 31, 2010</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; 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;</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(198,037)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(2,441,593)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(101,007)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(368,902)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(3,109,539)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Exchange variation effect</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(568)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(7,405)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(107)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(67)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(8,147)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(6,317)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(202,754)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(1,168)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(7,277)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(217,516)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>542 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>422 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,419 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,383 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Transfer to other category of assets</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4,612 &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>19,729 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(43)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(4,414)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>19,884 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Transfer to intangible assets</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,237 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,237 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>941 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4,634 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>122 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>369 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,066 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="31%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on March 31, 2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(199,369)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(2,626,847)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(101,781)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(376,635)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(3,304,632)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="HEIGHT: 4.5pt" width="31%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Net Property, Plant and Equipment</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>On December 31, 2010</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>175,792 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,213,608 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;6,974,024 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;28,427 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,515,806 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;868,910 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>13,776,567 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>On March 31, 2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>178,625 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,217,054 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;6,960,786 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;29,895 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,029,000 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;894,074 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>14,309,434 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="31%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter68"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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&nbsp; <A name="page_69"></A>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 2.15pt 0cm 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="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P></DIV>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 33.75pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Land</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Buildings</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Machinery, equipment and facilities</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Furniture and fixtures</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Work in process</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other (*)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Cost of property, plant and equipment</FONT></U></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="31%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on December 31, 2010</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>94,133 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>842,117 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>7,334,173 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>113,178 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,649,182 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>336,080 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>10,368,863 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Merger of subsidiary (Note 10)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>365 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>507 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>506,582 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>415 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>507,869 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Acquisitions</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>345,648 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>345,648 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(431)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(768)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,199)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Transfer to other category of assets</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,408</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,996 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>134,950 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,549 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(228,105)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>66,318 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(19,884)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Write-off from supplies to internal consumption</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(58,021)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(58,021)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Transfer to intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(20)</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(20)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>172 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(717)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(545)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="31%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on March 31, 2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>96,541 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>845,113 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>7,469,488 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>114,803 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,273,459 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>343,307 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>11,142,711 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.1pt">

   <TD style="HEIGHT: 11.1pt" width="31%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.1pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Accumulated depreciation</FONT></U></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="31%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on December 31, 2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(75,291)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(1,682,516)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(91,225)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(87,415)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(1,936,447)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Merger of subsidiary (Note 10)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(15)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(46)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(60)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(121)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(5,293)</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(166,993)</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(920)</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(2,738)</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(175,944)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Disposals</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>422 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>768 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,190 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Transfer to other category of assets</FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>19,868 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>13 </FONT></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>19,884 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="31%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on March 31, 2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(80,584)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(1,829,656)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(91,766)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(89,432)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(2,091,438)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="31%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif>Net Property, Plant and Equipment</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>On December 31, 2010</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>94,133 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>766,826 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,651,657 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>21,953 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,649,182 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>248,665 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8,432,416 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>On March 31, 2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>96,541 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>764,529 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,639,832 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>23,037 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,273,459 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>253,875 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>9,051,273 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="31%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt; 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 Parent Company it also includes leasehold improvements, vehicles, hardware, mines and fields and replacement storehouses.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 50%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="49%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Buildings</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>45 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>45 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Machinery, equipment and facilities</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Furniture and fixtures</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>10 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>10 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="49%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="24%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="4%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Loan costs were capitalized in the quarter, in the amount of R$46,523 (R$19,071 in the first quarter of 2010) in the parent company and R$70,868 (R$19,071 in the first quarter of 2010) 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: 10pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>(i)&nbsp;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif> Casa de Pedra expansion</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US color=black face=Arial,sans-serif>Volta Redonda (State of Rio de 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 de Janeiro) and</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US color=black face=Arial,sans-serif>(iv) 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Below, the capitalization rates used in borrowing costs:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 30%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="100%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>RATES</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid" width="49%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Specific </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="51%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Non-specific</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid" width="49%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>projects</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="51%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>projects</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid" width="49%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>TJLP + 1.3% up to 3.2%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="51%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>9.12%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid" width="49%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>UM006 + 2.7%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="51%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 68</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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&nbsp; <A name="page_70"></A>

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<P style="MARGIN: 0cm 0cm 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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<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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Depreciation, amortization and depletion additions in the period were distributed as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Production cost</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>205,429 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>190,766 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>167,203 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>150,887 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,758 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,589 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,322 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,246 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,426 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,597 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,623 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,917 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other operating</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,906 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,346 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,704 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,162 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>221,519 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>202,298 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>176,852 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>157,212 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.1pt">

   <TD style="HEIGHT: 5.1pt" width="45%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="13%" noWrap>&nbsp;</TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT></DIV>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Casa de Pedra mine is an asset owned by CSN, which has the exclusive right to explore these mines. Casa de Pedra mining activities are based on the &#8220;Mine Manifesto&#8221;, which grants to CSN full ownership over mine deposits existing within the boundaries of our property.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On March 31, 2011 and December 31,2010, the balance of Casa de Pedra&#8217;s net fixed assets was R$2,528,568 and R$2,167,378, respectively, main restated by works in progress amounting to R$1,271,423 and R$911,077. During the quarter ended March 31, 2011, the capitalized interest in Casa de Pedra fixed assets was R$10,066 (R$12,583 in the quarter ended March 31,2010) .</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>INTANGIBLE ASSETS</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="36%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="HEIGHT: 33.75pt" vAlign=bottom width="36%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Goodwill</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Intangible with definite useful life</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Software</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Acquisition cost</FONT></U></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="36%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on December 31, 2010</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>704,007 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>49,909 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>73,933 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,002 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>828,851 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange variation effect</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>225 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>22 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>247 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions and expenses</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,318 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>8 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,326 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposals</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(521)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(489)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(1,010)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer of long-term assets</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>5,059 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>5,059 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer of property, plant and equipment </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,641 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,641 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other changes</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>516 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>516 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="36%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on March 31, 2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>704,007 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>49,909 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>80,112 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>5,602 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>839,630 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Amortization</FONT></U></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="36%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on December 31, 2010</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(280,309)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(44,918)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(41,168)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(366,395)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Exchange variation effect</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(224)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(224)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Amortization</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,248)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(2,718)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(37)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(4,003)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disposals</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>513 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>513 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer of long-term assets</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(2,082)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(2,082)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer of property, plant and equipment</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(2,237)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(2,237)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other changes</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(513)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(513)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on March 31, 2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(280,309)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(46,166)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(46,347)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(2,119)</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(374,941)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" width="36%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="36%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Net Intangible Assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>On December 31, 2010</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>423,698 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,991 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;32,765 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,002 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>462,456 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>On March 31, 2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>423,698 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,743 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;33,765 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,483 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt" vAlign=bottom width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>464,689 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT></DIV>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The concession intangible asset with definite useful life &#8211; it refers to the amount originally paid by shareholders, whose economic fundamental was the expectation of future result due to the concession right, recorded by the Company&#8217;s jointly-owned subsidiary. Amortization is calculated by the straight-line method at 10% p.a.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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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<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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="59%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="59%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Goodwill</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Software</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Acquisition cost</FONT></U></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></U></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="59%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on December 31, 2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>14,135 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>21,480 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>35,615 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="59%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; Transfer of property, plant and equipment </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>20 &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>20 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="59%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on March 31, 2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>14,135 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>21,500 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>35,635 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.75pt">

   <TD style="HEIGHT: 3.75pt" width="59%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Amortization</FONT></U></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="59%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on December 31, 2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,044)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(11,940)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(12,984)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="59%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Amortization</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(908)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(908)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="59%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on March 31, 2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,044)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(12,848)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(13,892)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="HEIGHT: 6pt" width="59%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 6pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="59%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Net Intangible Assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="59%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>On December 31, 2010</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>13,091 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>9,540 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>22,631 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="59%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>On March 31, 2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>13,091 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8,652 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>21,743 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The software useful life term is 5 years. The annual depreciation rate is 20%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Goodwill: </FONT></B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 50%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 22.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt" vAlign=bottom width="56%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Goodwill from investments</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on 3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt" width="21%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Investee</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="56%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="21%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="21%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="56%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Flat steel</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>13,091 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;CSN &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="56%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Packages</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>63,509 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;CSN &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="56%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Subtotal </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>76,600 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="56%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>NAMISA</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="56%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Mining</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>347,098 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;Namisa &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="56%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>423,698 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="21%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="56%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="21%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" vAlign=bottom width="21%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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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<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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>LOANS, FINANCING AND DEBENTURES</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="20%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="40%" colSpan=9 noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><FONT style="LINE-HEIGHT: normal">Consolidated</FONT></FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="39%" colSpan=8><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT></P></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><FONT style="LINE-HEIGHT: normal">Parent Company</FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="20%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="12%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" colSpan=3 noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B></P></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><FONT style="LINE-HEIGHT: normal">Current liabilities</FONT></FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" colSpan=3 noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal"></FONT></B></P></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><FONT style="LINE-HEIGHT: normal">Non-current liabilities</FONT></FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="12%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" colSpan=3 noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B></P></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><FONT style="LINE-HEIGHT: normal">Current liabilities</FONT></FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="13%" colSpan=3 noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal"></FONT></B></P></FONT>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><FONT style="LINE-HEIGHT: normal">Non-current liabilities</FONT></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="20%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Rates (%)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">12/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">12/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Rates (%)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">12/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">FOREIGN CURRENCY</FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 15pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Prepayment</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1.0% up to 3.50%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">447,710 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">473,255 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,711,189 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,840,269 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1.0% up to 3.50%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">449,799 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 473,485 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 2,036,929 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,006,889 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Prepayment</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3.51% up to 7.50%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">135,562 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">138,210 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">471,270 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">522,116 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3.51% up to 7.50%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">326,139 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 372,519 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,376,339 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,454,688 </FONT></P></TD></TR>

<TR style="HEIGHT: 24.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Prepayment</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;7.51% up to 10.00% </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">7,102 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 15,596 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">358,314 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 366,564 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Perpetual bonds</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">7.00%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; &nbsp;2,217 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,268 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,628,700 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,666,200 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Fixed rate notes</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">4.14% up to 9.75%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">47,864 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">75,183 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 3,746,010 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 3,832,260 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;1.50% up to 5.65% </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">29,683 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 6,613 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,873,445 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,949,345 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Fixed rate notes</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">10.50%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; &nbsp;13,573 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">32,074 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">651,480 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">666,480 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">9.13%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">29,476 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 7,349 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">977,220 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 999,720 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Import financing</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3.52% up to 6.00%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">155,722 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">57,293 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">69,207 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">59,322 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3.52% up to 6.00%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">134,851 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 31,626 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">36,758 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 23,437 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Import financing</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">6.01% up to 8.00%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">11,228 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">16,849 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">8,859 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">24,396 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">6.01% up to 8.00%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">11,228 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 16,849 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">8,859 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 24,396 </FONT></P></TD></TR>

<TR style="HEIGHT: 38.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">BNDES/Finame</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Interest Rate Resolution 635/87 + 1.70% and 2.70% </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">19,371 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">20,085 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">49,467 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">55,256 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;Interest Rate Resolution 635/87 + 1.70% and 2.70%&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">17,212 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 17,875 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">45,009 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 38.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 50,148 </FONT></P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Other</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3.30% and 4.19% and 5.37% and CDI + 1.20%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">88,688 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">86,613 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">99,226 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">103,587 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;Libor 6M + 2.25% and 4.00% </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">466,292 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 34,603 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">103,538 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 68,504 </FONT></P></TD></TR>

<TR style="HEIGHT: 23.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 23.25pt" width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 23.25pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 23.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 23.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">921,935</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 23.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 23.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">901,830</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 23.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 23.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">8,435,408</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 23.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 23.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">8,769,886</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 23.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 23.25pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 23.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,471,782</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 23.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 23.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">976,515</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 23.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 23.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">6,816,411</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 23.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 23.25pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">6,943,691</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">LOCAL CURRENCY</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 9.75pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 24pt">

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">BNDES/Finame</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">TJLP + 1.50% up to 3.20%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">318,117 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">308,968 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,850,246 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,907,596 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;TJLP + 1.50% up to 3.20% </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">196,009 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 196,176 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">872,093 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 24pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 910,961 </FONT></P></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Debentures </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt" lang=EN-US>103.60 % CDI and 9.40% + IGPM and 1.00% + TJLP</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">625,424 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">41,750 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,175,134 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,760,846 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;103.60 % CDI </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">610,723 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 26,755 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 600,000 </FONT></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Prepayment</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">104.80% and 109.50 % CDI</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">90,539 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">64,216 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 3,400,000 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 3,400,000 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;104.80% and 109.50 % CDI </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">5,226 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 38,266 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,400,000 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,400,000 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">CCB</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">112.50% CDI</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">58,408 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,354 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 5,000,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 3,000,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">112.50% CDI</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">58,406 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,354 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 5,000,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,000,000 </FONT></P></TD></TR>

<TR style="HEIGHT: 30pt">

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Intercompany</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100.50%&nbsp; up to&nbsp; <BR>105.50% CDI</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,267,639</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,155,991 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 30pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="20%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Other</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt" lang=EN-US>100% IGPDI and 106% CDI and CDI + 0.29% and 5% and 14%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8.5pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8.5pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">26,182 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">26,443 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">24,635 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">23,303 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">100% IGPDI </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,783 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 1,744 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">7,127 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 33.75pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; 6,964 </FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,118,670</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">442,731</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">11,450,015</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">10,091,745</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,139,786</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,420,286</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">7,279,220</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 15.95pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">5,917,925</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Total loans and financing</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,040,605</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,344,561</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">19,885,423</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">18,861,631</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,611,568</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,396,801</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">14,095,631</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">12,861,616</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Transaction costs</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(40,813)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(35,929)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(105,502)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (80,816)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (35,469)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (30,454)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">(70,682)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" color=#000000></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 15.95pt" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp; (44,614)</FONT></P></TD></TR>

<TR style="HEIGHT: 26.25pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 26.25pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt" lang=EN-US>Total loans and financing + transaction costs</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 26.25pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal" lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 26.25pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal" lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 26.25pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,999,792</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 26.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 26.25pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,308,632</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 26.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 26.25pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">19,779,921</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 26.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 26.25pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">18,780,815</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 26.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 26.25pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 26.25pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,576,099</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 26.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 26.25pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,366,347</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 26.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 26.25pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">14,024,949</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 26.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 26.25pt; BORDER-TOP: windowtext 1pt solid" width="6%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">12,817,002</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.1pt">

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="6%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Prepayment balances with related parties of the parent company totaled R$2,119,523 on March 31, 2011 (R$2,080,721 on December 31, 2010), see Note 3.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On March 31, 2011, funding transaction costs are as follows:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Consolidated </FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Short-term</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Long-term</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

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   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2012</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2013</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2014</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2015</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>After 2015</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>TJ <SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>TIR <SUP>(2)</SUP></FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Fixed rate notes</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,870 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>22,092 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 2,137 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,871 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 2,169 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 2,021 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12,894 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6.5% up to 10%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6.75% up to 10.7%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>BNDES</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 540 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,501 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 2,662 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 403 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>334 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>300 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,802 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.3% up to 1.7%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.44% up to 7.39%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>BNDES</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,578 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; &nbsp;3,045 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,186 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,578 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>281 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2.2% up to 3.2%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7.59% up to 9.75%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Prepayment</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,753 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>25,733 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 6,293 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,753 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 6,091 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,804 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,792 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>109.50% and 110.79% CDI</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10.08% up to 12.44%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Prepayment</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 509 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,764 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>382 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 509 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>509 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>509 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 855 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2.37% and 3.24%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2.68% up to 4.04%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CCB</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>25,811 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>46,336 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 15,320 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,200 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 5,046 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 5,046 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>14,724 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>112.5% CDI</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>11.33% up to 13.55%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 752 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;31 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>31 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>103.6% CDI</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12.59%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>40,813 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>105,502 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 28,011 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>19,314 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 14,430 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 9,680 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>34,067 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3.75pt">

   <TD style="HEIGHT: 3.75pt" width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt" width="12%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 12.75pt" rowSpan=2 width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Short-term</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Long-term</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>After 2015</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>TJ <SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>TIR <SUP>(2)</SUP></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Fixed rate notes</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 701 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,227 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>526 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 701 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9.75%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10.01%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>BNDES</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 403 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,141 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>302 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 403 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>334 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>300 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,802 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.30% up to 1.70%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1.44% up to 7.39%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>BNDES</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,453 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; &nbsp;2,785 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,090 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,453 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>242 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2.2% up to 3.2%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7.59% up to 9.75%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Prepayment</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,840 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>14,398 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 4,380 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,840 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 4,178 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>109.50% CDI</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10.08%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Prepayment</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 509 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,764 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>382 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 509 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>509 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>509 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 855 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2.37% and 3.24%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2.68% up to 4.04%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CCB</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>25,811 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>46,336 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 15,320 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,200 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 5,046 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 5,046 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>14,724 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>112.5% CDI</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>11.33% up to 13.55%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 752 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;31 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>31 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>103.6% CDI</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12.59%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>35,469 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>70,682 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 22,031 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15,106 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 10,309 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 5,855 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>17,381 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="11%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt; 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;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>TJ &#8211; contractual annual interest rate</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt; 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;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>TIR &#8211; annual internal rate of return</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On March 31, 2011, the principal of long-term loans, financing and debentures presents the following composition, by year of maturity:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 70%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="36%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2012</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,340,181 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6.7%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,278,219 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>9.1%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2013</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,082,838 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>10.5%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,546,531 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>18.1%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2014</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,934,468 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>9.7%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,142,659 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15.2%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2015</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,159,652 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>10.9%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,506,690 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>17.8%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2016</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,213,227 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>11.1%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,717,139 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12.2%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>After 2016</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,526,357 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>42.9%</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,904,393 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>27.7%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Perpetual bonds</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,628,700 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8.2%</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 19,885,423 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>100.0%</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp; 14,095,631 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>100.0%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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&#8217; creditors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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&#8217; creditors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 36pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter73"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 72</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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

&nbsp; <A name="page_74"></A>

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

<a name="_bclHeader74"></a><DIV>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 2.15pt 0cm 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="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 Island XII Corp. These indefinite maturity bonds pay 7% p.a. and 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 (inclusive).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>In February 2011, the Company informed that took out a loan operation called &#8220;Opera&#231;&#227;o de Cr&#233;dito Especial Empresa &#8211; Grandes Corpora&#231;&#245;es&#8221; or Corporate Loan Operation &#8211; Large Corporates with the Federal Savings Bank (CEF), by issuing a bank credit certificate of R$2.0 billion, whose final amortization maturity is 94 months.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The guarantees 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 50%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="59%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>47,985</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>47,985</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Personal guarantee</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>73,586</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>74,488</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Imports</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>20,336</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>21,820</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Securitization (exports)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>408,324</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>288,338</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f8f8f8; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>550,231</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f8f8f8; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>432,631</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 10pt"><FONT size=2 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 60%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="20%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Opening balance</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>20,206,192 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="3%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>14,356,884 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="3%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15,258,417 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="3%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>13,662,818 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Funding </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,129,169 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8,789,548 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,351,379 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,663,709 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Amortization</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(694,456)&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="3%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(3,897,405)&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="3%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(575,700)&nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="3%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(2,393,173)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other (*)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>285,123 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>957,165 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>673,103 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,325,063 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Closing balance</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>21,926,028 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="3%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>20,206,192 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="3%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>17,707,199 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" width="3%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="17%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15,258,417 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="HEIGHT: 4.5pt" width="20%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="17%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="17%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>(*) Including exchange and monetary variations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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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<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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>DEBENTURES&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>i. Companhia Sider&#250;rgica Nacional</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<H1 style="PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Fourth issue</FONT></B></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Compensation interest is applied on the face value of these debentures corresponding to 103.6% of the OTC Clearing House (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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>ii. Transnordestina Log&#237;stica </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 &#8211; Salgueiro &#8211; Trindade and Salgueiro &#8211; Port of Suape, which also includes investments in Port of Suape and reconstruction of stretch Cabo &#8211; Porto Real de Col&#233;gio. The second and fifth tranches refer to funds to be invested in module Eliseu Martins &#8211; Trindade. The sixth, eighth and tenth tranches refer to funds to be invested in module Miss&#227;o Velha &#8211; 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="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="12%" noWrap align=middle>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="1%" align=middle>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="10%" noWrap align=middle>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="1%" align=middle>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>General </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" align=middle>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Number </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" align=middle>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Unit</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" width="1%" align=middle>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="10%" noWrap align=middle>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="1%" align=middle>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="10%" noWrap align=middle>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="1%" align=middle>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="10%" noWrap align=middle>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="1%" noWrap align=middle>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Balance</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" vAlign=bottom width="12%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Issue</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt" width="1%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="10%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Series</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt" width="1%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Meeting</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt" width="1%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Issued</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt" width="1%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Face Value</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt" width="1%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="10%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Issue</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt" width="1%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="10%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Maturity</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt" width="1%" align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="10%" noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Charges</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt" width="1%" noWrap align=middle>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="10%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1<SUP>st</SUP> </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1<SUP>st</SUP> </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>02/08/10</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>336,647,184</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>R$ 1.00</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3/10/2010</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10/3/2027</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>TJLP + 0.85% p.a</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>336,647</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1<SUP>st</SUP> </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>2<SUP>nd</SUP> </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>02/08/10</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>350,270,386</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>R$ 1.00</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>11/25/2010</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10/3/2027</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>TJLP + 0.85% p.a</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>350,270</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1<SUP>st</SUP> </FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3<SUP>rd</SUP> </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>02/08/10</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>338,035,512</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>R$ 1.00</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12/1/2010</FONT></P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10/3/2027</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #eaeaea; HEIGHT: 12pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>TJLP + 0.85% p.a</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>338,036</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>FINANCIAL INSTRUMENTS </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 0.95pt"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>I - Identification and appraisal of financial instruments</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US 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: 0cm 0cm 0cm 0.95pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Considering the nature of instruments, the fair value is basically determined by using market prices in Brasil 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>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 74</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-Classification of financial instruments</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Consolidated - R$ thousand</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" width="39%" colSpan=9><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B></P></FONT>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt"><FONT style="LINE-HEIGHT: normal">3/31/2011</FONT></FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 14.1pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 14.1pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">12/31/2010</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 18.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 18.75pt" width="7%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 18.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt" lang=EN-US>Fair value through profit and loss</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 18.75pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt" lang=EN-US>Loans and Receivables - effective interest rate</FONT></B></P></TD>

   <TD style="HEIGHT: 18.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt" lang=EN-US>Other Liabilities - Amortized Cost Method</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal" lang=EN-US></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 18.75pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Balances</FONT></B></P></TD>

   <TD style="HEIGHT: 18.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 18.75pt" width="7%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 18.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 18.75pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt" lang=EN-US>Fair value through profit and loss</FONT></B></P></TD>

   <TD style="HEIGHT: 18.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 18.75pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt" lang=EN-US>Loans and Receivables - effective interest rate</FONT></B></P></TD>

   <TD style="HEIGHT: 18.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 18.75pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt" lang=EN-US>Other Liabilities - Amortized Cost Method</FONT></B></P></TD>

   <TD style="HEIGHT: 18.75pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal" lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 18.75pt" rowSpan=2 width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Balances</FONT></B></P></TD></TR>

<TR style="HEIGHT: 27.75pt">

   <TD style="HEIGHT: 27.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 27.75pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Available for sale</FONT></B></P></TD>

   <TD style="HEIGHT: 27.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 27.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 27.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 27.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 27.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 27.75pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Available for sale</FONT></B></P></TD>

   <TD style="HEIGHT: 27.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 27.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 27.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 27.75pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

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

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="20%">

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%"><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 12.95pt" width="7%" align=right><FONT style="FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Cash and cash equivalents</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">11,115,047 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">11,115,047 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">10,239,278 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">10,239,278 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Accounts receivable - net</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,396,690 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,396,690 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,259,461 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,259,461 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt" lang=EN-US>Margin requirement for financial instruments</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal" lang=EN-US></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">295,687 &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">295,687 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">254,485 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">254,485 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Securitization reserve fund</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">23,312 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">23,312 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">22,644 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">22,644 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Non-current assets</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Other securities receivable</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">58,690 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">58,690 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">73,731 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">73,731 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Investments</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,103,065 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">3,103,065 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,102,112 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">2,102,112 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Securitization reserve fund</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">31,115 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">31,115 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">32,031 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">32,031 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Securities</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">112,642 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">112,642 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">112,484 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">112,484 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal"></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Current liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,415,181 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,415,181 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,302,811 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,302,811 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Debentures</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">625,424 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">625,424 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">41,750 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">41,750 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="20%">

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Derivatives</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">112,181 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">112,181 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">116,407 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">116,407 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="20%">

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Suppliers</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">598,556 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">598,556 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">521,156 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">521,156 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Non-current liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">18,710,289 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">18,710,289 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">17,100,785 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">17,100,785 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Debentures</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,175,134 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,175,134 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,760,846 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">1,760,846 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">Derivatives </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">514 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">514 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">263 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 14.1pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-FAMILY: Arial; FONT-SIZE: 6pt">263 </FONT></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-Fair value measuring </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Level 1: prices stated (unadjusted) in current markets for identical assets and liabilities </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 20.9pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Level 2: Other information available, except for that of level 1, which is noticeable to assets or liabilities, directly (such as prices) or indirectly (resulting from prices). </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Level 3: Not available information due to little or none market activity, which is significant to set assets fair value.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 35.4pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 14.1pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; HEIGHT: 14.1pt" vAlign=bottom rowSpan=2 width="36%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated - R$ thousand</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" width="15%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 14.1pt" width="7%">

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balances</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Level 3</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 15pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balances</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%">

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Non-current assets</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="7%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Financial assets available for sale</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Investments</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,103,065 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,103,065 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,102,112 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,102,112 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Liabilities</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%">

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Current liabilities</FONT></B></P></TD>

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   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Financial liabilities at fair value through profit and loss</FONT></B></P></TD>

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   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Derivatives</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>112,182 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>112,182 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>116,407 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>116,407 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="36%">

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="36%">

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Non-current liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="36%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Derivatives</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>514 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>514 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>263 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>263 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>II &#8211; Fair values of assets and liabilities in relation to book value</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 0.95pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Amounts that are accounted for in the quarterly financial information 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: 0cm 0cm 0cm 0.95pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US 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>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Book Value</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Market Value</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Book Value</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Market Value</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Perpetual bonds</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,630,917 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,600,230 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,668,468 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,663,701 </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Fixed Rate Notes</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,458,927 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,940,055 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,605,997 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,966,629 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>III &#8211; Investments in available-for-sale securities and measured at fair value through profit and loss</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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&#8217; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 income and expenses respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>IV - Financial risk management policy</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US 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&#8217; hedge are also periodically revised. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 0.95pt"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US 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: 0cm 0cm 0cm 0.95pt"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Under the risk management policy, the Company manages some risks by using derivative instruments. The Company&#8217;s risk policy forbids speculative negotiations and short sale.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 76 </FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Liquidity risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 Note 14.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Below are the contracted financial liabilities maturities, including the payment of estimated interest.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>March 31, 2011</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Less than 1 year</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1 -2 years</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2 - 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Over 5 years</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Loans, financing and debentures</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,040,605 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,423,019 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,307,347 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,155,057 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21,926,028 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Derivative financial instruments </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; 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; 112,182 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; 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; 514 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112,696 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Suppliers</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; 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; 598,556 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598,556 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="31%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>December 31, 2010</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Loans, financing and debentures</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,344,561 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,254,057 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,357,168 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,250,406 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,206,192 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Derivative financial instruments </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; 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; 116,407 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; 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; 263 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116,670 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Suppliers</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; 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; 521,156 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521,156 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Exchange rate risk</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 Yen, 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: 10pt" lang=EN-US face=Arial,sans-serif>. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Policies for the use of hedging derivatives</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;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&#8217;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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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&#8217;s financial positions. Pursuant to the Bylaws, significant amount operations require previous approval by the Company&#8217;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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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&#8217;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>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" 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, considering, inclusive, the maturity of assets and liabilities exposed to currency fluctuation;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The consolidated net exposure to the foreign exchange rate on March 31, 2011 is shown as follows:</FONT></P>

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<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="80%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 36pt">

   <TD style="HEIGHT: 36pt" vAlign=top width="80%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 36pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Consolidated <BR>(amounts in US$ thousand)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Cash and cash equivalents abroad</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,020,309 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Margin of derivative guarantee</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>181,548 </FONT></P></TD></TR>

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   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Trade accounts receivable - foreign market clients</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>190,249 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Securitization reserve fund</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>33,417 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other assets</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>87,565 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,513,088 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=top width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(5,676,935)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=top width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Suppliers</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(6,682)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=top width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(55,050)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(5,738,667)</FONT></B></P></TD></TR>

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   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=top width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Gross exposure</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,225,579)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=top width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Notional value of contracted derivatives</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,356,856 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=top width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Net exposure</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>131,277 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Real-U.S. Dollar Commercial Exchange Rate Futures Contract</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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&#8217; characteristics and calculation of daily adjustments, are published by BM&amp;F and disclosed on its website (www.bmf.com.br). In 2011, the Company did not contract U.S. dollar futures operations. In the first quarter of 2010, the Company paid R$44,324 and received R$115,745 in adjustments, thus having a gain of R$71,421. Gains and losses from these contracts are directly related to the currency fluctuations. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Exchange swap transactions </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On December 31, 2010, the company held an exchange swap long position of US$1,282,000 thousand &nbsp;(US$1,049,500 thousand on March 31,2010), where it was received, from the long position, exchange variation over 2.47% per year on average (in 2010 exchange variation over 2.29% per year), and paid 100% of CDI in the exchange swap contract short position.&nbsp;&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On March 31, 2011, the consolidated position of these contracts is as follows:</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>i) Outstanding operations</FONT></B></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Notional value US$ thousand</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Valuation (R$ thousand)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Fair value (market)<BR>(R$ thousand)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Amount payable<BR>(R$ thousand)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Counterparties</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2011</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Date of maturity</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Long-term position</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Short-term position</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2011</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Amount payable</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Santander</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>10,000 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1/2/2015</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>16,088 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(17,770)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,682)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="11%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,682)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Goldman Sachs</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>155,000 </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1/2/2015</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>251,163 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(260,475)</FONT></P></TD>

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   <TD style="HEIGHT: 11.25pt" width="11%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(9,312)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(9,312)</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Deutsche Bank</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>657,000 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4/1/2011 to 5/2/2011</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,071,994 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,101,618)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="11%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(29,624)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="11%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(29,624)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" width="20%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>HSBC</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="11%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>460,000 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4/1/2011 to 9/14/2011</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="11%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>750,085 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="11%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(770,851)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="11%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(20,766)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="11%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(20,766)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="11%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,282,000 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="11%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,089,330 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="11%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(2,150,714)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="11%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(61,384)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="11%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(61,384)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="20%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="19%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="11%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="11%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The position of outstanding operations is recorded in the Company&#8217;s liabilities totaling R$61,384 in 2011 (R$42,966 in 2010) and its effects are recognized in the Company&#8217;s financial result as loss in the amount of R$90,709 on March 31, 2011 (loss of R$68,681 on March 31,2010). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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$34,044 respectively and the outstanding short position of R$12,711 in 2011 (R$9,097 in 2010). The results of these operations on March 31, 2011 are consolidated in the Company&#8217;s financial result totaling R$4,582 (gain of R$801 on March 31, 2010).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 79</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 2.15pt 0cm 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="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The jointly-owned subsidiary MRS Log&#237;stica has derivative (swap) operations with a notional amount of US$74,856 and the outstanding short position was R$24,776 in 2011 (R$33,700 in 2010). The result of this operation caused proportional losses to the Company&#8217;s interest, in the amount of R$6,082 on March 31, 2011 (gain of R$1,203 on March 31, 2010) recognized in the consolidated financial result.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>ii) Settled operations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 39.75pt">

   <TD style="HEIGHT: 39.75pt" width="19%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 39.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Notional value US$ thousand</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Valuation - 2011 (R$ thousand)</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Valuation - 2010 (R$ thousand)</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="26%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Paid operations (R$ thousand)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Counterparties</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Long-term position</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Short-term position</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Long-term position</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Short-term position</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Paid in 2011</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Fair value in 2010</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Effect in the 2011 income</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="19%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Deutsche Bank</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>860,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>265,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,435,956 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (1,473,125)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 443,143 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (468,544)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(37,169)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(25,401)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(11,768)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="19%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Goldman Sachs</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>100,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>100,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>167,275 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(173,101)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 167,243 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (173,031)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(5,826)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(5,788)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (38)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="19%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>HSBC</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>963,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>223,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,607,616 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (1,633,075)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 372,794 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (385,900)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(25,459)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(13,106)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(12,353)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="19%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Itau BBA</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>693,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>450,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,157,812 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (1,189,345)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 751,835 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (778,892)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(31,533)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(27,057)</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(4,476)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="19%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Santander</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>225,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>100,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>376,523 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(383,218)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 167,077 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (173,082)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(6,695)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(6,005)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (690)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="19%">&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 2,841,000 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,138,000 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 4,745,182 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (4,851,864)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,902,092 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,979,449)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(106,682)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(77,357)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(29,325)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="HEIGHT: 4.5pt" width="19%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 4.5pt" width="8%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On March 31, 2011, the consolidated position of these agreements was as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 54pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Outstanding transactions</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" width="22%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 33.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Notional value EUR thousand</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="25%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Valuation - 2011 (R$ thousand)</FONT></B></P></TD>

   <TD style="HEIGHT: 33.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Fair value (market) (R$ thousand)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 33.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Amount payable (R$ thousand)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 39.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="22%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Counterparties</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Operation maturity</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Long-term position</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Short-term position</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Amount payable</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Deutsche Bank</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>75,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4/20/2011</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>163,373 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (173,104)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(9,732)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(9,732)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Goldman Sachs</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>15,000 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="12%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4/20/2011</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>32,726 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (34,621)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,895)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,895)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="22%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>90,000 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="12%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>196,099 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (207,725)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(11,627)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(11,627)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="22%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="12%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="12%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="12%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The outstanding operations position is recorded in the Company&#8217;s liabilities totaling R$11,627 in 2011 and its effects are recognized in the Company&#8217;s financial result as loss totaling R$11,548 on March 31, 2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 80</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -36pt; MARGIN: 0cm 0cm 0pt 54pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Settled operations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 27pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 27pt" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 27pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 27pt" width="26%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Notional value EUR thousand</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 27pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 27pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Valuation - 2011 (R$ thousand)</FONT></B></P></TD>

   <TD style="HEIGHT: 27pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 27pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Valuation - 2010 (R$ thousand)</FONT></B></P></TD>

   <TD style="HEIGHT: 27pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 27pt" width="26%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Paid operations (R$ thousand)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 39.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Counterparties</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; HEIGHT: 39.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Operation maturity</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Long-term position</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Short-term position</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Long-term position</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Short-term position</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Received in 2011</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Fair value in 2010</FONT></B></P></TD>

   <TD style="HEIGHT: 39.75pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39.75pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Effect in the 2011 income</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Deutsche Bank</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 25,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 25,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1/20/2011</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 56,648 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (55,684)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 56,648 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (55,707)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 963 &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>941 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>22 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Goldman Sachs</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 50,000 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 50,000 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1/20/2011</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 113,295 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (111,370)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 113,295 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (111,415)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,926 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,880 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>46 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>HSBC</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 15,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 15,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1/20/2011</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 34,029 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (33,412)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 34,029 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (33,424)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 617 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>605 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 12pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 90,000 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 90,000 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" width="8%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 203,972 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (200,467)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 203,972 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (200,547)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,505 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 3,426 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>79 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="8%">&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="8%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="8%" noWrap>&nbsp;</TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Symbol></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Sensitivity analysis </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>For the consolidated exchange operations with US Dollar fluctuation risk, based on the foreign exchange rate on March 31, 2011 of R$1.6287 per US$1.00, adjustments were estimated for five scenarios: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</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: 10pt" lang=EN-US face=Arial,sans-serif>Probable scenario: exchange swap operations considered the assumption of maintaining the fair values (at market) on March 31, 2011 and the 1.6405 future U.S. Dollar rate in the BM&amp;F was used in the foreign exchange position to mature on May 2, 2011, collected on March 31, 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</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: 10pt" lang=EN-US face=Arial,sans-serif>Scenario 1: (25% of Real appreciation) R$/US$ parity of 1.2215;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</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: 10pt" lang=EN-US face=Arial,sans-serif>Scenario 2: (50% of Real appreciation) R$/US$ parity of 0.8144;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</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: 10pt" lang=EN-US face=Arial,sans-serif>Scenario 3: (25% of Real devaluation) R$/US$ parity of 2.0359;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</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: 10pt" lang=EN-US face=Arial,sans-serif>Scenario 4: (50% of Real devaluation) R$/US$ parity of 2.4431.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

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   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="HEIGHT: 22.5pt" vAlign=bottom width="30%">&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Risk</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Notional value (US$)</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Probable scenario</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Scenario 1</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Scenario 2</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Scenario 3</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Scenario 4</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1.6287</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1.6405 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1.2215 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>0.8144 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2.0359 </FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2.4431 </FONT></P></TD></TR>

<TR style="HEIGHT: 6.75pt">

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Exchange swap</FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>USD fluctuation</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,282,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (61,384)</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (521,998)</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (1,043,997)</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>521,998 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,043,997 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Exchange position - Functional currency BRL</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>USD fluctuation</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (1,225,579)</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (14,462)</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>499,025 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>998,050 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(499,025)</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (998,050)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(excluding exchange derivatives above)</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 10.5pt">

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   <TD style="HEIGHT: 10.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <TD style="HEIGHT: 10.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 10.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

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   <TD style="HEIGHT: 10.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 10.5pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

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   <TD style="HEIGHT: 10.5pt" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

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<TR style="HEIGHT: 12.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated exchange position</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>USD fluctuation</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>131,277 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,549 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (53,453)</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(106,905)</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>53,453 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>106,905 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(including exchange derivatives above)</FONT></P></TD>

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   <TD style="HEIGHT: 12.75pt" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

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<a name="_bclFooter82"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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&nbsp; <A name="page_83"></A>

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<P style="MARGIN: 0cm 0cm 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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<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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>For the consolidated exchange operations with Euro fluctuation risk, based on the foreign exchange rate on March 31, 2011 of R$2.3129 per &#8364;$1.00, adjustments were estimated for five scenarios:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</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: 10pt" lang=EN-US face=Arial,sans-serif>Probable scenario: exchange swap operations considered the assumption of maintaining the fair values (at market) on March 31, 2011 and the 2.3281 future Euro rate in the BM&amp;F was used in the foreign exchange position to mature on May 2, 2011, collected on March 31, 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</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: 10pt" lang=EN-US face=Arial,sans-serif>-Scenario 1: (25% of Real appreciation) R$/Euro parity of 1.7347;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</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: 10pt" lang=EN-US face=Arial,sans-serif>Scenario 2: (50% of Real appreciation) R$/Euro parity of 1.1565;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</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: 10pt" lang=EN-US face=Arial,sans-serif>Scenario 3: (25% of Real devaluation) R$/Euro parity of 2.8911;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</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: 10pt" lang=EN-US face=Arial,sans-serif>Scenario 4: (50% of Real devaluation) R$/Euro parity of 3.4694.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Risk</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Notional value (EUR)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Probable scenario</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Scenario 1</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Scenario 2</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Scenario 3</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Scenario 4</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2.3129</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2.3281</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1.7347</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1.1565</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2.8911</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3.4694</FONT></P></TD></TR>

<TR style="HEIGHT: 6.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Exchange swap</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>EURO fluctuation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;90,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(11,627)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(52,040)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(104,081)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;52,040 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;104,081 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Exchange position - Functional currency BRL</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>EURO fluctuation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;22,864 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;348 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(13,221)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(26,441)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;13,221 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;26,441 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(excluding exchange derivatives above)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 10.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated exchange position</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>EURO fluctuation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;112,864 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;1,716 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(65,261)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(130,522)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;65,261 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;130,522 </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(including exchange derivatives above)</FONT></P></TD>

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<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"></P>

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<LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Interest rate risk</FONT></B> </LI></UL>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Short and long-term liabilities are indexed to floating interest and inflation rates. Due to this exposure, the Company maintains derivatives to better manage these risks.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Libor x CDI swap transactions</FONT></B> </LI></UL>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>These transactions aim at hedging its liabilities indexed to the U.S. dollar Libor against fluctuations of Brazilian interest rates. Basically, the Company carried swaps of its Libor-indexed liabilities bearing 1.25% p.a. interest rates over the notional amount in U.S. dollars (long position) and paid 96% of the Interbank Deposit Certificate &#8211; CDI over the reference amount in reais on the contracting date (short position). The reference value of these swaps on March 31, 2011 is US$150,000 thousand, hedging an export prepayment operation of same amount. Gains and losses deriving from these contracts are directly related to the U.S. dollar fluctuations, Libor and CDI. These usually refer to operations on the Brazilian over-the-counter market having first-tier institutions as counterparty.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On March 31, 2011, the position of contracts is the following:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 35.7pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>a)</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: 10pt" lang=EN-US face=Arial,sans-serif>Outstanding transactions</FONT></B></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Notional value <BR>(US$ thousand)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Valuation - 2011 <BR>(R$ thousand)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Fair (market) value<BR>(R$ thousand)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Amount payable <BR>(R$ thousand)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Settlement date</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Counterparties</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2011</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Long-term position</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Short-term position</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Amount payable</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5/12/2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="13%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSFB</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;150,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;254,725 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="11%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(257,471)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(2,746)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(2,746)</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The net position of the aforementioned contracts is recorded in specific derivatives account as loss totaling R$2,746 on March 31, 2011 and their effects are recognized in the Company&#8217;s financial result as loss totaling R$5,254.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 35.7pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>b)</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: 10pt" lang=EN-US face=Arial,sans-serif>Settled transactions</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 29.25pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Notional value (US$ thousand)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Valuation - 2011<BR>(R$ thousand)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Valuation - 2010<BR>(R$ thousand)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 29.25pt; PADDING-TOP: 0cm" width="25%" colSpan=5>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Paid operations (R$ thousand)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Settlement date</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Counterparties</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Long-term position</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Short-term position</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Long-term position</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Short-term position</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Paid in 2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Fair value in 2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Effect in the 2011 income</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2/14/2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSFB</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;150,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;150,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;255,240 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(260,757)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;254,575 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(257,584)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(5,517)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(3,009)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(2,508)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="8%">&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="8%">&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="8%" align=right>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;255,240 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(260,757)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;254,575 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(257,584)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(5,517)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(3,009)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(2,508)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

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<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Sensitivity analysis of interest rate swaps</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The sensibility analysis is based on the assumption of maintaining as probable scenario the market values on March 31, 2011. The Company considered the scenarios below for the US$ Libor rates and CDI.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Notional (US$)</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Risk</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Probable</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>25%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>50%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>25%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>50%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;Swap interest rate Libor vs CDI </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>150,000 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(Libor) US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(2,746)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(29,184)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(34,738)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;29,184 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;34,738 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Sensitivity analysis of interest rate variations</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 14pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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 March 31, 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: hanging">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 70%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="43%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="18%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="37%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Effects on results</FONT></B></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="HEIGHT: 22.5pt" vAlign=bottom width="43%">&nbsp;</TD>

   <TD style="HEIGHT: 22.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Initial rate<BR>(% p.a)</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Variations in interest rates</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="18%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="43%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>TJLP</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;6.00 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;9,240 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;5,651 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Libor</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;0.46 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;6,697 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;7,834 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="43%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CDI</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;11.66 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;50,928 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;22,544 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Share&#180;s market price risks</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Company is exposed to the risk of changes in share prices due to the investments held and classified as available for sale.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The table below summarizes the impact of stock prices changes on shareholders&#8217; equity in other comprehensive income.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 70%; MARGIN-LEFT: 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other Comprehensive Income</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net variation in the market value of financial instruments classified as available for sale</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>131,516 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;110,913 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Investments in blue-chip shares are traded at BOVESPA and ASX (Australian Securities Exchange). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of maintaining as probable scenario the market values on March 31, 2011. Therefore, there are no effects over the financial instruments classified as available for sale reported above. The Company considered the scenarios below for stock volatility.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</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: 10pt" lang=EN-US face=Arial,sans-serif>Scenario 1: (25% share appreciation);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</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: 10pt" lang=EN-US face=Arial,sans-serif>Scenario 2 (50% share appreciation);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</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: 10pt" lang=EN-US face=Arial,sans-serif>Scenario 3 (25% share devaluation);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>-</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: 10pt" lang=EN-US face=Arial,sans-serif>Scenario 4 (50% share devaluation):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

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<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="59%" colSpan=7 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Effects on Shareholders' Equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Companies</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>25%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>50%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>25%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>50%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Usiminas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;292,093 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;584,186 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(292,093)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(584,186)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Riversdale Mining Limited</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;173,259 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;346,518 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(173,259)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(346,518)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Planatl&#226;ntica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;2,551 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;5,101 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(2,551)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(5,101)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;467,903 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;935,805 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(467,903)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="14%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(935,805)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>&nbsp;</TD>

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<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Credit risks</FONT></B> </LI></UL>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The exposure to the financial institutions credit risk observes the parameters set forth in the financial policy. The Company analyzes in detail the equity and financial conditions of its clients and suppliers, by setting a credit limit and permanently monitoring their outstanding balance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In relation to financial investments, the Company only invests in institutions with low credit risk rated by rating agencies. Once partially the funds are invested in government bonds, there is also the credit risk of the Brazilian government.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<UL style="MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0cm" type=disc>

<LI style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Capital Management</FONT></B> </LI></UL>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Company manages its capital structure with a view to safeguarding its going concern capacity to offer return to shareholders and benefits to other stakeholders, besides maintaining an ideal capital structure to reduce this cost.</FONT></P>

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<a name="_bclFooter85"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 84</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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&nbsp; <A name="page_86"></A>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>V &#8211; Guaranteed deposits </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Company has guaranteed deposits amounting to R$295,687 (R$254,485 in 2010); 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$54,427 (R$54,675 in 2010) as set forth in the securitization program agreements (see Note 14).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>OTHER LIABILITIES</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="35%" colSpan=7 noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Current &nbsp;</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Non current </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B></P>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated &nbsp;</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company </FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated &nbsp;</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Obligations with related parties</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>152,685 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>148,364 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>383,207 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>372,185 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,048,102 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,028,924 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,710,297 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8,141,037 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="29%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Unrealized losses with derivatives (Note 15)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>112,181 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>116,407 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,421 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,010 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>251 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>263 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="29%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Dividends and interest on shareholders' equity payable (Note 22)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>748,544 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>631,344 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>747,053 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>630,051 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 22.5pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="29%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Advances to clients</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>32,896 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>35,361 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>24,658 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>29,003 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="29%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Taxes paid in installments</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>646,387 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>656,678 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>642,649 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>652,894 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>855,091 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>859,898 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>823,854 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>829,537 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="29%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>307,285 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>266,798 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>211,967 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>223,848 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>156,121 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>178,350 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>115,631 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>136,996 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="29%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,999,978 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,854,952 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,010,955 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,910,991 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,059,565 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,067,435 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8,649,782 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>9,107,570 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.1pt">

   <TD style="HEIGHT: 5.1pt" width="29%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.1pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.1pt" width="8%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>SURETIES AND GUARANTEES</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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$7,316,411 (R$7,484,271 on December 31, 2010), for guarantees provided: </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" vAlign=bottom width="87%" colSpan=19 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B></P>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>In million</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Currency</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Maturity</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Loans</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" vAlign=bottom width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Tax foreclosure</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" vAlign=bottom width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Other</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" vAlign=bottom width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.5pt">

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 7.5pt" width="7%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Transnordestina</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>R$</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>6/1/2010 to 5/8/2028</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,122,197 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 1,145,397 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 5,186 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 5,186 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,127,383 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,150,583 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CSN Cimentos</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>R$</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Indefinite</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>32,855 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 32,745 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>26,987 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>26,987 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>59,842 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>59,732 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Prada </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>R$</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Indefinite</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>9,958 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>9,958 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>740 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>740 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>10,699 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>10,699 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Sepetiba Tecon</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>R$</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Indefinite</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,465 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,465 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>15,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 15,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>61,519 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>61,519 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>77,983 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>77,983 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>It&#225; Energ&#233;tica</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>R$</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9/15/2013</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>9,587 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>9,587 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 9,587 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 9,587 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CSN Energia</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>R$</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Indefinite</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>2,392 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,029 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 2,336 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 2,336 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 4,728 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 3,365 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total in R$</FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,133,249 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 1,156,449 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>60,206 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 58,732 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>96,767 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>96,767 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,290,221 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,311,948 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt" width="7%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CSN Islands VIII</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>US$</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12/16/2013</FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>550,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>550,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 550,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f8f8f8; HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 550,000 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CSN Islands IX</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>1/15/2015</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>400,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>400,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 400,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 400,000 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CSN Islands XI</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>US$</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>9/21/2019</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>750,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>750,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 750,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 750,000 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CSN Islands XII</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Perpetual</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,000,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 1,000,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,000,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,000,000 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>A&#231;os Longos</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>US$</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>12/31/2011</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>4,431 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 4,431 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>CSN Resources</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>US$</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>7/21/2020</FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,000,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 1,000,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,000,000 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,000,000 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Total in US$</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,700,000 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp; 3,704,431 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,700,000 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" vAlign=bottom width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>3,704,431 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total in R$</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,026,190</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,172,323</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,026,190</FONT></B></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 12.95pt" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,172,323</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,159,439</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,328,772</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>60,206 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 58,732 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>96,767 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>96,767 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,316,411</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="7%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,484,271</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="HEIGHT: 5.25pt" width="13%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="HEIGHT: 5.25pt" width="7%" noWrap align=right>&nbsp;</TD>

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<P style="MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>TAXES PAID IN INSTALLMENTS</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Tax recovery program (Refis)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Federal Refis</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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: 0cm 0cm 0cm 35.4pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Management&#8217;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: 0cm 0cm 0cm 35.4pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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 1Q10, those amounts corresponded to a negative effect before income and social contribution taxes of R$48,890 in the parent company and R$42,365 in the consolidated, which were recorded in other operating income and expenses and financial result (see Notes 24 and 25).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 35.4pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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: 0cm 0cm 0cm 35.4pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As for debits recorded pursuant to Provisional Measure 470/09, these were paid in 12 installments as of November 2009. In July 2010, the Company chose to offset with the amounts of income and social contribution taxes loss carryforwards 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: 0cm 0cm 0cm 35.4pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Respective authorities are examining the data presented by the Company with the purpose of consolidating the debits included in installment payments set forth by Provisional Measure 470/09.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>In relation to the debts included in the installment payment program of Law 11,941/09, the Company is awaiting the consolidation by appropriate authorities, as per instructions of the Joint Ordinance RFB/PGFN 2/2011.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 35.4pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On March 31, 2011, the position of debits from Refis, recorded in taxes paid in installments in current and non-current liabilities was R$1,396,124 (R$1,410,062 on December 31, 2010) in the parent company and R$1,431,099 (R$1,444,207 on December 31,2010) in the consolidated.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>TAX, SOCIAL SECURITY, LABOR AND CIVIL PROVISIONS AND JUDICIAL DEPOSITS</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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>

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<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12.75pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Judicial deposits</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Liabilities provisioned</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 22.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Judicial deposits</FONT></B></P></TD>

   <TD style="HEIGHT: 22.5pt" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 22.5pt" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Liabilities provisioned</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Social security and labor</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>86,669 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>191,523 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>78,302 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 11.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>183,141 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Civil</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>38,745 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>53,423 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>38,646 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>54,613 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Tax</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>857,310 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>67,427 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>847,301 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>67,427 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Guaranteed deposits</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>44,695 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>43,856 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,027,419 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>312,373 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,008,105 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>305,181 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Legal liabilities challenged in court:</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Tax</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="44%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>IPI&nbsp; premium credit </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,227,892 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,227,892 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,227,892 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,227,892 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="44%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CSLL credit on exports </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>443,208 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>401,916 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="45%" colSpan=2 noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Education allowance </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>36,189 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>33,121 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>36,189 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>33,121 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="44%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CIDE&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>54,211 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>27,545 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>54,211 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>27,545 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="44%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Income tax / "Plano Ver&#227;o"&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>342,389 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>20,892 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>341,551 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>20,892 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="44%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other provisions&nbsp; </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>36,078 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>115,101 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>36,078 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>113,552 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,696,759 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,867,759 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,695,921 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,824,918 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,724,178 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,180,132 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,704,026 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,130,099 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4.5pt">

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 4.5pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total current - Parent Company</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>207,974 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>200,288 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total non-current - Parent Company</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,724,178 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,972,158 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,704,026 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,929,811 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 6.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total current - Consolidated</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>265,617 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>222,461 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total non-current - Consolidated</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,797,959 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,008,407 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,774,706 </FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: white; HEIGHT: 12pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,016,842 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 5.25pt" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The changes in provisions for contingencies in the period ended March 31, 2011 are as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt" vAlign=bottom width="100%" colSpan=15 noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" width="23%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 32.25pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 32.25pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Nature</FONT></B></P></TD>

   <TD style="HEIGHT: 32.25pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 32.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="HEIGHT: 32.25pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 32.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Additions</FONT></B></P></TD>

   <TD style="HEIGHT: 32.25pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 32.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Restatement</FONT></B></P></TD>

   <TD style="HEIGHT: 32.25pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 32.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Utilization</FONT></B></P></TD>

   <TD style="HEIGHT: 32.25pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 32.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 32.25pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 32.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 32.25pt" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 32.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Civil</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; &nbsp;80,831 &nbsp;</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 679 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 18 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; (4,999)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 76,529 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 73,760 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 57,622 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Labor</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 188,188 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 18,336 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,915 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(14,957)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 197,482 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 191,857 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 164,839 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Tax</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,911,260 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 40,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,842 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(13,119)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 1,940,983 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Pension plan</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>59,024 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 6 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 59,030 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%" align=right>&nbsp;</TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 2,239,303 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 59,015 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8,781 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(33,075)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,274,024</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 265,617 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid" width="10%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>222,461</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" vAlign=bottom width="23%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 6.75pt" vAlign=bottom width="10%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.25pt">

   <TD style="BACKGROUND: white; HEIGHT: 11.25pt" vAlign=bottom width="100%" colSpan=15 noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></P>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="23%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Current</FONT></B></P></TD></TR>

<TR style="HEIGHT: 32.25pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 32.25pt" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Nature</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 32.25pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 32.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 32.25pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 32.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Additions</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 32.25pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 32.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Restatement</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 32.25pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 32.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Utilization</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 32.25pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 32.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="HEIGHT: 32.25pt" vAlign=bottom width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 32.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 32.25pt" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND: white; HEIGHT: 32.25pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Civil</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>54,613 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 679 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 18 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; (1,887)</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 53,423 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 53,423 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 54,113 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Labor</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 146,175 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 17,865 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,726 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(14,215)</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 154,551 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 154,551 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 146,175 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Tax</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,892,345 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 40,000 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,841 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 1,935,186 </FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Pension plan</FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>36,966 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 6 </FONT></P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 36,972 </FONT></P></TD>

   <TD style="HEIGHT: 12.95pt" width="1%">&nbsp;</TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 12.95pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 2,130,099 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 58,544 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>7,591 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(16,102)</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 2,180,132 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 207,974 </FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2; HEIGHT: 12.75pt" width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp; 200,288 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.75pt">

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" width="23%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; HEIGHT: 3.75pt" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt" width="1%">&nbsp;</TD>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 87</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 2.15pt 0cm 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: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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&#8217;s Management substantially based on the opinion of its legal counsels, 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&#8217;s initiative, plus SELIC (Special Settlement and Custody System) interest</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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$4,737,815 of which R$3,414,513 corresponds to tax proceedings, R$323,028 to civil actions and R$1,000,275 to labor and social security lawsuits. According to the Company&#8217;s legal counsels, these administrative and legal proceedings are assessed as possible risk of loss. These proceedings were not accrued in accordance with the Management&#8217;s judgment and with accounting practices adopted in Brazil</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>a) Labor proceedings</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On March 31, 2011, the Company is defendant in 9,229 labor claims, with a provision in the amount of R$154,551 (R$146,175 on December 31, 2010). 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&#8217;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: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>b) Civil proceedings</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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&#8217;s industrial activities. A provision in the amount of R$53,423 on March 31, 2011 (R$54,113 on December 31, 2010) was recorded for proceedings involving civil matters</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 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&#8217;s industrial activities. On December 31, 2010, the Company recorded a balance of R$500 for environmental-related lawsuits. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>c) Tax proceedings</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=blue face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>Income and Social Contribution Taxes </FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 (&#8220;Plano Ver&#227;o&#8221;). </FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 88 </FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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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<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 examination.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On March 31, 2010 the Company recorded R$342,389 (R$341,551 on December 31, 2010) deposited in court and classified in a specific court deposit account in long-term receivables and provision of R$20,892 (R$20,892 on December 31, 2010), representing the portion not recognized in court.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>(ii) Social Contribution on Net Income - Exports &#8211; 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 149, paragraph 2 of CF/88, when establishing that &#8220;social contributions will not levy on revenues resulting from exports&#8221;.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 &#8220;revenues&#8221; on the CSLL calculation basis. Consequently, the Company&#8217;s Management approved the adhesion of the Collection Letter to the tax installment payment program set forth by Law 11,941/2009 (REFIS).</FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> &nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>After decision rendered by Federal Supreme Court (STF) in the records of RE 564,413 (leading case) in contrary voting related to the non-levy of social contribution on exports to taxpayers, also pending of publication, the Company decided to also include this lawsuit to the installment payment program enacted by Law 11,941/09 (REFIS).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Up to March 31, 2011, the amount of suspended liability and the credits offset based on the aforementioned proceeding was R$443,208 (R$401,916 on December 31, 2010), plus Selic interest rate.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>Contribution for intervention in the Economic Domain - CIDE</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The parent company questioned the legality of Law 10,168/00, 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 exploration of patents. </FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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&#8217;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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 March 31, 2011, there is a provision in the amount of R$27,545 (R$27,545 on December 31, 2010), which includes legal charges. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>Education allowance</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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&#8217;s appeal, and appealed concerning the SELIC rate. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The amount accrued and deposited in court on March 31, 2011 totals R$33,121 (R$33,121 on December 31, 2010). </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>Workers&#8217; Compensation Insurance - SAT</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 the 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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 90</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The amount accrued on March 31, 2011, totals R$36,972 (R$36,966 on December 31, 2010), 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&#8217;s Board of Directors approved the adhesion of said discussions to the installment payment set forth by Law 11,941/09. 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>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>IPI premium credit on exports</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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$2.7 billion on March 31, 2011. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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&#8217;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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 11,941/09, 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>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 income and social contribution taxes losses carryforwards, pursuant to the possibility set forth in the applicable legislation. Proper authorities are still examining the data presented to consolidate debits included in said installment payment. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Up to date, five 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: 10pt" 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: 0cm 0cm 0pt 18pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>Other&nbsp;</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=blue face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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 10,833/03, PIS - Law 10,637/02 and PIS/COFINS - Manaus Free-trade Zone, amount of which totaled R$85,917 on March 31, 2011 (R$84,367 on December 31,2010), which includes legal accruals.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Regarding the Cofins debit Law 10,833/03, the Board of Directors approved the adhesion of said discussions to the tax recovery program Law 11,941/09. 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The new debit value after the application of reductions set forth in the program of Law 11,941/09, was offset by court deposits related to said operations, resulting in an excess deposits amounting to R$9,141 after the application of REFIS reductions, which can be offset by other debits </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 10pt" 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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 &#8211; 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 8,884/1984. The respective appeals were presented against this decision, which were denied allowing for a Motion for Clarification, which is pending judgment. The collection of the fine, amounting to R$65,292, was suspended by Court decision, which granted an effect of supersedeas as to guarantee the debit through a surety issued by CSN. This action is classified under risk of possible loss.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>PROVISIONS FOR ENVIRONMENTAL LIABILITIES AND DECOMMISSIONING</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>a) Environmental liabilities</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On March 31, 2011, the Company has a provision in the amount of R$272,857 in the Parent Company and R$279,325 in the consolidated (R$271,608 and R$278,106 on December 31, 2010, respectively) for use in expenses related to services for environmental investigation and recovery of areas potentially polluted within the plants in the States of Rio de Janeiro, Minas Gerais and Santa Catarina</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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&#8217;s best estimates considering the degraded area recovery studies and those in process of exploration.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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&#8217;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: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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% on March 31, 2011. The constituted liabilities are periodically adjusted based on the discount rates plus the interest rate (IGPM) at force in the period. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>b) Assets decommissioning</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; 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&#8217;s useful life period. The liability recorded on March 31, 2011 was R$13,815 in the Parent Company and R$17,907 in the consolidated (R$13,435 and R$17,421 on December 31, 2010).</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>SHAREHOLDERS&#8217; EQUITY</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -25.2pt; MARGIN: 0cm 0cm 0pt 25.2pt; 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: 10pt" lang=EN-US face=Arial,sans-serif>i.Paid in capital stock</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company&#8217;s fully subscribed and paid-in capital stock on March 31, 2011 amounted to R$1,680,947 (R$1,680,947 on December 31, 2010), split into 1,483,033,685 (1,483,033,685 on December 31,2010) 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: justify; TEXT-INDENT: -25.2pt; MARGIN: 0cm 0cm 0pt 25.2pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>ii. Authorized capital stock</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The Company&#8217;s bylaws in force on March 31, 2011, 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: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -25.2pt; MARGIN: 0cm 0cm 0pt 25.2pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>iii. Legal reserve</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 6,404/76, reaching the limit for its recording, as determined by the current legislation.&nbsp;&nbsp; </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -25.2pt; MARGIN: 0cm 0cm 0pt 25.2pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>iv.&nbsp; Treasury shares</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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$570,176 on December 31,2010) for future sale or cancelation. The market value on March 31, 2011 was R$668,696 (R$668,446 on December 31, 2010).</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>v. Shareholding structure</FONT></B></P>

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<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>On March 31, 2011, the shareholding structure was as follows:</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; Number of Common Shares</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>% Total shares</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>% excluding treasury shares</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Vicunha Siderurgia S.A.</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>697,719,990</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>47.05%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>47.86%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Rio Iaco Participa&#231;&#245;es S.A. (*)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>58,193,503</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3.92%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3.99%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="52%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Caixa Beneficente dos Empregados da CSN - CBS</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>12,788,231</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>0.86%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>0.88%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="52%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>BNDESPAR</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>31,773,516</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2.14%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2.18%</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Sundry (ADR - NYSE)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>364,043,208</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>24.55%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>24.97%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="52%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other shareholders (approximately 10 thousand)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>293,451,660</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>19.79%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>20.12%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="52%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,457,970,108 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>98.31%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>100.00%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="52%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Treasury shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>25,063,577</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1.69%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="52%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total shares</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,483,033,685 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>100.00%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>(*) Rio Iaco Participa&#231;&#245;es S.A. is a controlling group&#8217;s company.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>vi. Breakdown of outstanding shares</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 27pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Breakdown of outstanding common shares</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Number of shares</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0cm" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance of treasury shares</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on December 31, 2009</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;1,457,970,108 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>52,389,112 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Cancellation of shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(27,325,535)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Balance on March 31, 2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;1,457,970,108 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,063,577 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 94</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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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<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Interest on shareholders&#8217; equity</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s Management will propose to the Annual General Meeting the payment of interest on shareholders&#8217; equity in the amount of R$356,800 referring to the income earned in 2010, equivalent to R$0.244724 per share of the outstanding capital stock on this date. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>The calculation of interest on shareholders&#8217; equity is based on the variation of the Long-Term Interest Rate (TJLP) on shareholders&#8217; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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&#8217; 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&#8217; equity be attributed to the mandatory minimum dividend.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>NET SALES REVENUE</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Net sales revenue is broken down as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 14.1pt">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;Consolidated &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;Parent Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Gross Revenue</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="36%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Local market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;3,176,769 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;3,359,480 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;2,894,089 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;3,078,784 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="36%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;1,357,320 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;646,755 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;344,958 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;203,915 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="36%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;4,534,089 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;4,006,235 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;3,239,047 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;3,282,699 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Deductions</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="36%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Sales cancelled and discounts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(27,234)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(56,248)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(24,838)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(42,407)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="36%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Taxes on sales</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(717,847)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(765,357)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(644,044)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(690,949)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(745,081)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(821,605)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(668,882)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(733,356)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Net Revenue </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;3,789,008 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;3,184,630 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;2,570,165 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;2,549,343 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="36%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 95</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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&nbsp; <A name="page_97"></A>

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<a name="_bclHeader97"></a><DIV>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple">&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: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>OTHER OPERATING EXPENSES AND INCOME</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;Consolidated &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;Parent Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other operating expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(141,028)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(158,397)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(143,583)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(163,974)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Taxes and fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(11,270)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (3,313)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (855)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (1,188)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="44%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Effect of REFIS Law 11,941/09 and MP 470/09 (Note 20)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(8,444)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(42,835)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Provision for contingencies and net losses of reversals</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(37,628)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(80,654)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(50,589)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(70,481)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Contractual and non-deductible fines</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(32,894)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (5,506)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(39,405)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (3,722)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Fixed cost - stoppage</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (9,301)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (5,732)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (8,797)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (5,059)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Derecognition of obsolete assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(15,137)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (6,571)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (9,040)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (7,125)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Project engineering and studies expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(6,379)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (5,403)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (6,379)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (5,403)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>CBS contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(16,428)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(15,458)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(15,345)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(14,440)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(11,991)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(27,316)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(13,173)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(13,721)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other operating income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 15,585 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 24,305 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,809 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,852 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Present value adjustment- taxes and contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,640 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,640 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Indemnities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>680 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,033 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>495 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>215 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Provision for inventories reversal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,808 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Ore price adjustment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8,209 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Investment gains</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,385 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Rents and leasing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,563 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,747 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>825 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>895 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Scrap sale</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,913 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,612 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,981 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>8,319 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>849 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3,742 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Other operating (expenses) and income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(125,443)&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(134,092)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(138,774)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(159,122)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<a name="_bclFooter97"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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

&nbsp; <A name="page_98"></A>

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

<a name="_bclHeader98"></a><DIV>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 2.15pt 0cm 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: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>FINANCIAL EXPENSES AND INCOME</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Financial expenses:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Loans and financing - foreign currency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(180,575)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(146,769)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(23,368)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(27,353)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Loans and financing - local currency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(268,418)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(135,034)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(202,214)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(130,239)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(95,713)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(92,366)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(435,511)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(318,080)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Capitalized interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Arial Narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 70,868 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Arial Narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 19,071 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Arial Narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 46,523 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Arial Narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 19,071 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>PIS/COFINS on other revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(292)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (259)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (292)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (224)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Losses from derivative instruments (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Arial Narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (5,254)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Arial Narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (2,678)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Arial Narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (5,254)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Arial Narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (3,880)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Effect of REFIS Law 11,941/09 and MP 470/09, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face="Arial Narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face="Arial Narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(33,921)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Arial Narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="Arial Narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (6,055)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Interest rates, fines and tax charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=red face="Arial Narrow,sans-serif"></FONT></I>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(42,020)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(42,751)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(39,133)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 15pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(35,850)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other financial expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(42,775)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(96,263)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(32,738)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(91,786)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(564,179)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(530,970)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(691,987)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(594,396)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Financial income:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 19,181 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 11,637 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 35,327 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>196,297 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Income on financial investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 99,417 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 94,232 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 11,233 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 15,885 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 20,484 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 21,830 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 14,866 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 15,698 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>139,082 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>127,699 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 61,426 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>227,880 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Monetary variations:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>- Gains</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>739 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,411 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>722 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>679 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>- Losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (3,042)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (8,382)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (2,523)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (2,781)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (2,303)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (6,971)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (1,801)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(2,102)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Exchange variations:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>- Gains</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(264,292)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 34,845 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(18,937)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 18,247 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>- Losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>286,177 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(241,413)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>180,370 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(208,453)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>- Exchange variations with derivatives (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(112,921)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>138,903 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(91,036)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(67,665)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>161,433 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(190,206)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net monetary and exchange variations</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(93,339)&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(74,636)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>159,632 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(192,308)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.25pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.25pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.25pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.25pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.25pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.25pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.25pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.25pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 8.25pt; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Net financial income/(loss)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(518,436)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(477,907)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(470,929)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(558,824)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="58%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>(*) Statement of income from derivative operations</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Swap CDI x USD</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(90,709)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 66,681 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Swap EUR x USD</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(11,548)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Swap Libor x CDI </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (5,254)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (3,880)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (5,254)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (3,880)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>U.S. Dollar Futures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 71,421 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%" align=right>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(10,664)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" align=right>&nbsp;</TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,004 </FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(118,175)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>136,226 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

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   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (5,254)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

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   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (3,880)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 97</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>INFORMATION BY BUSINESS SEGMENT</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>According to the Company&#8217;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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0cm 0pt 7.1pt; 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: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Steel &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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&#8217;s chemical and food industries and also serves the country&#8217;s civil construction, while line (appliances) automotive and motors and compressors segments. The Company&#8217;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. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>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 tonnes, the Company will consolidate 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0cm 0pt 7.1pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Mining&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The mining division encompasses the firm&#8217;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 de Pedra mine, located in Congonhas, Minas Gerais, which produces high quality iron ore, as does its jointly-owned 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 de Rond&#244;nia S.A. (ERSA) mining company, which operates tin mining and smelting operations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 de Janeiro. Coal and coke imports are carried out by means of this terminal.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0cm 0pt 7.1pt; 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: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Rail Logistics</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CSN holds stakes in two rail companies: MRS Log&#237;stica S.A., which manages Southeast Network formerly run by Rede Ferrovi&#225;ria Federal S.A. (RFFSA), and Transnordestina Log&#237;stica S.A., which operates RFFSA&#8217;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: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>a) MRS</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The transport services provided by MRS are fundamental to the supply of raw materials and the shipment of end products to their destinations. All of the iron ore, carbon and coke used at the Presidente Vargas Plant are 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 de Janeiro - Minas Gerais in the southeast, connecting its mines located in Minas Gerais to ports located in S&#227;o Paulo and Rio de Janeiro, and to CSN&#8217;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 de Pedra in Minas Gerais and coke and coal from Port of Itagua&#237;, in the State of Rio de Janeiro, to the city of Volta Redonda, and transports its exports to the Ports of Itagua&#237; and Rio de Janeiro. Its transportation volume accounts for nearly 28% of the total volume of the railroad system in southeastern Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>b) Transnordestina Log&#237;stica</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 to part of infrastructure (or lines) of Transnordestina Log&#237;stica&#8217;s concession network, which will be expanded from its current 2,600 operational kilometers to approximately 4,300 km operational kilometers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 of rail 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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&#8217;s most modern railways.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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 role in the region&#8217;s development.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0cm 0pt 7.1pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>Ports Logistics</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The ports logistics division encompasses operation of the Sepetiba Tecon terminal built in the post-privatization period. The Sepetiba terminal&#8217;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>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 99</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The company&#8217;s Constant investment in terminal projects consolidates the Port Complex of Itagua&#237; as one of the country&#8217;s most modern ones, currently with a movement capacity of 480 thousand containers on an annual basis and 30 million tonnes of bulk.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; 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: 10pt" 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"> </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Energy&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>:&nbsp;</FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 thermoelectric power plant 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; 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: 10pt" 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"> </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Cement&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The cement division consolidates the Company&#8217;s cement production, distribution and sales operations, which use the slag produced by the Volta Redonda plant&#8217;s blast furnaces. Currently, the clinker used in cement production is leased from third parties, however, it will be produced by CSN itself in 2011, when the first stage of the Arcos factory in Minas Gerais will be completed. CSN also has a limestone mine on that site, which is already part of its cement division. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Ore</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=center width="19%" colSpan=3 noWrap align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=center width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=center rowSpan=2 width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Electricity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=center width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=center rowSpan=2 width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Cement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=center width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=center rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Corporate / Elimination Expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=center width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=center rowSpan=2 width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 21pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" vAlign=center width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" vAlign=center width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=center width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Port</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=center width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=center width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Railway</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" vAlign=center width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" vAlign=center width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" vAlign=center width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" vAlign=center width="1%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Result</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Tonnes (thousand) - (unreviewed) (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,219,991 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,124,276 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>328,852 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Revenue </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; &nbsp;</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Local market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,965,369 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>194,585 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 36,725 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 232,090 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>28,897 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>62,569 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (79,428)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,440,807 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>339,296 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,014,931 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(6,026)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,348,201 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Cost of products and services rendered</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,635,156)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (435,826)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(20,684)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(145,443)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(9,906)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(49,281)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>63,468 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(2,232,828)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Gross revenue</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>669,509 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>773,690 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 16,041 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;86,647 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>18,991 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>13,288 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (21,986)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,556,180 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Selling and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (117,592)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(18,021)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;&nbsp;(4,192)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(20,230)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(6,068)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(11,604)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (63,604)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(241,311)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>140,853 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>36,153 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,406 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>25,794 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 5,626 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 3,820 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>961 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>214,613 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Adjusted EBITDA </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>692,770 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>791,822 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 13,255 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;92,211 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>18,549 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 5,504 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (84,629)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,529,482 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page 100</FONT><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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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<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

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<TR style="HEIGHT: 13.5pt">

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Steel</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Ore</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Electricity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Cement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Corporate / Elimination Expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 21pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Port</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Railway</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Sales by geographic area</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Asia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,084 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>935,255 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>936,339 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>North America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>120,082 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>120,082 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Latin America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>28,091 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>28,091 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Europe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>185,338 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>79,676 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>265,014 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4,701 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(6,026)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,325)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Foreign market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>339,296 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,014,931 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(6,026)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,348,201 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Local market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,965,369 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>194,585 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 36,725 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; &nbsp;232,090 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>28,897 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>62,569 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(79,428)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 2,440,807 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>TOTAL</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 2,304,665 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,209,516 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 36,725 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>232,090 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>28,897 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>62,569 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(85,454)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 3,789,008 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" 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 and jointly-owned subsidiaries (Namisa 60%).</FONT></P>

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

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Steel</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Ore</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Electricity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Cement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Corporate Expenses / Removal </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 21pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Port</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Railway</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Result</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Tonnes (thousand) - (unreviewed) (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,261,586 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 4,178,734 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>226,778 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Revenue </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Local market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 2,277,086 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>93,147 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 28,225 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>202,272 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>27,019 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>36,436 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(116,398)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 2,547,787 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Foreign market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>276,283 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>360,560 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>636,843 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Cost of products and services rendered</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp; </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,514,395)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(190,476)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (16,899)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (110,132)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(7,960)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(37,113)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>95,909 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (1,781,066)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Gross revenue</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,038,974 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>263,231 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 11,326 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>92,140 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>19,059 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (677)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(20,489)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,403,564 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Selling and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(146,769)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(31,997)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(3,661)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; (15,884)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(6,427)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(7,142)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(101,291)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(313,171)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>131,329 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>35,506 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 3,041 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>23,714 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>5,624 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2,253 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(2,515)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>198,952 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Adjusted EBITDA </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,023,534 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>266,740 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 10,706 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; &nbsp;99,970 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>18,256 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(5,566)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(124,295)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 1,289,345 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.5pt">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Steel</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Ore</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="9%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Electricity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Cement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Corporate Expenses / Removal </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 21pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Port</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Railway</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Sales by geographic area</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Asia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>18,949 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>303,712 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>322,661 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>North America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>105,915 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>105,915 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Latin America</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>31,726 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>31,726 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Europe</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>113,454 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>56,848 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>170,302 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,239 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>6,239 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Foreign market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>276,283 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>360,560 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>636,843 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Local market</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 2,277,086 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>93,147 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 28,225 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>202,272 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>27,019 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>36,436 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(116,398)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 2,547,787 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>TOTAL</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 2,553,369 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>453,707 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 28,225 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>202,272 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>27,019 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>36,436 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(116,398)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp; 3,184,630 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" 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 and jointly-owned subsidiaries (Namisa 60%).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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, as they mainly refer to non-recurring items of the operation. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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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<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s Board of Executive Officers uses the adjusted EBITDA as means of measuring the recurring generation capacity of operating cash, allowing for comparison criteria with other companies.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

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<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="58%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Adjusted EBITDA </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;1,529,482 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;1,289,345 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(214,613)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(198,952)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other operating expenses (Note 24)</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(125,443)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(134,092)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Financial result (Note 25)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(518,436)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(477,907)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Income before taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;670,990 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;478,394 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="59%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Income and social contribution taxes (Note 8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(55,295)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(31,124)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="58%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Net income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;615,695 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;447,270 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>27.</FONT></B><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>EARNINGS PER SHARE (EPS)&nbsp;&nbsp; </FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Basic earnings per share:</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Basic earnings per share are based on profit attributable to CSN&#8217;s controlling and non-controlling shareholders of R$617,519 (R$448,938 on March 31, 2010) divided by the weighted average of outstanding common shares during the year (after the stock splitting), excluding common shares purchased and held in treasury and was calculated as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="45%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=3 noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" colSpan=3 noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Parent Company </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="45%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="45%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="27%" colSpan=3 align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;Common Shares</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="27%" colSpan=3 align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;Common Shares</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Net income for the period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>615,695 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;447,270 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="13%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Profit attributed to CSN's shareholders</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>617,519 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;448,938 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;617,519 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;448,938 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="45%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Profit attributed to non-controlling shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(1,824)&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(1,668)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="45%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Weighted average of the number of shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,457,970 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;1,457,970 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;1,457,970 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;1,457,970 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Basic and Diluted EPS</FONT></B></P></TD>

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<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>EMPLOYEES BENEFITS</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Pension plans granted by the Company substantially cover all employees. Plans are managed by Caixa Beneficente dos Empregados da CSN (&#8220;CBS&#8221;), a non-profit private pension fund, established in July 1960, whose members are employees and former employees of the parent company and some subsidiaries, which joined the fund by means of an agreement, and CBS&#8217;s employees themselves. CBS&#8217;s Executive Board comprises a president and two executive officers, all of them appointed by CSN, CBS&#8217;s main sponsor. The Deliberative Council is CBS&#8217;s top authority of deliberation and guidance presided over by the president of the pension fund and composed of ten members, six of them are chosen by CSN, CBS&#8217;s main sponsor, and four of them are elected by participants.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Up to December 1995, CBS Previd&#234;ncia managed two benefit plans based on years of services, salary and social security benefits. On December 27, 1995, the Brazilian Department of Supplementary Private Pensions (&#8220;SPC&#8221;) approved the implementation of a new benefit plan, effective as of the abovementioned date, called Combined Supplementary Benefit Plan (&#8220;Combined Plan&#8221;), organized as a variable contribution plan. Employees hired after this date may only join the new plan </FONT>


<FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>(&#8220;Combined Plan"). In addition, all active employees who participated in the previous defined benefit plans had the opportunity to change to the new Combined Plan. </FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On March 31, 2011, CBS had 31,059 participants (30,540 on December 31, 2010), out of which 15,987 were active taxpayers (15,433 on December 31, 2010), 9,854 were retired employees (9,888 on December 31, 2010) and 5,218 were contingent beneficiaries (5,219 on December 31, 2010). Out of total participants, on March 31, 2011, 14,032 belong to the defined benefit plan and 17,027 to the combined plan.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CBS&#8217;s guarantee 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 March 31, 2011, CBS held 12,788,231 common shares of CSN (12,788,231 common shares on December 31, 2010). The entity&#8217;s total guarantee assets amounted to R$3.7 billion and R$3.6 billion on March 31, 2011 and 2010, respectively. CBS&#8217;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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Guarantee assets are those assets available and investments of benefit plans, not including the debts contracted with sponsors.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Description of pension plans</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>35% of average salary plan</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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&#8217;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 became effective.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Supplementation plan for the average salary</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US color=red face=Arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Combined supplementary benefit plan</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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&#8217;s and participant&#8217;s contributions per month, as well as on each participant&#8217;s payment option, which may occur by lifetime (with or without receiving death benefit) or by a percentage applied on the balance of </FONT>


<FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>the benefit generating fund (loss by indefinite term). Upon the participant&#8217;s retirement grant, the plan starts having a defined benefit plan.</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>103 </FONT></B></FONT></B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Investment policy</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 3,792/09, published by the Brazilian Monetary Council (&#8220;CMN&#8221;). </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Employee benefits</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Actuarial liabilities are adjusted at the end of each year by external actuaries and reported in the quarterly financial information according to CPC 33-Employees benefits and IAS 19 &#8211; Employee Benefits.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>3/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="63%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Obligations recorded in the Balance Sheet</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="63%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Pension plan benefits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="63%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Post-employment health benefits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;367,839 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;367,839 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="63%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;367,839 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;367,839 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Assets and liabilities reconciliation of employee benefits is described as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 70%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Present value of defined benefits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,982,556&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Fair value of the plan's assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(2,316,018)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Deficit/(Surplus) </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;(333,462)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Restriction to actuarial assets due to recovery limitation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>280,582 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Net Liabilities/(Assets)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;(52,880)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>Assets (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;(52,880)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Net Liabilities/(Assets)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(52,880)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" 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 (c) of CPC 33 &#8211; Employee benefits and IAS 19 &#8211; Employee benefits. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Present value breakdown of defined benefit liability during 2010 is as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="Courier New"></FONT></B>&nbsp;</P>

<a name="_bclFooter105"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>104 </FONT></B></FONT></B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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

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<a name="_bclHeader106"></a><DIV>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 2.15pt 0cm 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: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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 align=left>

<TABLE style="WIDTH: 70%; MARGIN-LEFT: 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Present value of the obligations in the end of the year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,731,767 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Cost of services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;1,313 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Cost of interest rates</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;185,285 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Benefits paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(166,147)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Actuarial losses/(gains)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;225,341 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;4,999 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Present value of obligations at the end of the year</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1,982,558 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Fair value breakdown of plan assets during 2010 is as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 70%; MARGIN-LEFT: 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Fair value of assets in the beginning of the year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(2,160,158)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Expected return of the plan's assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(218,229)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Sponsors' contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(63,109)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Benefits paid</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;166,147 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Actuarial gains/(losses)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(40,669)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Fair value of the plan's assets on December 31</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(2,316,018)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Breakdown of amounts recognized in the statement of income on December 31, 2010 is as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 70%; MARGIN-LEFT: 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Cost of current services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;1,313 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Cost of interest rates</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;185,285 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Expected return of the plan's assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(218,229)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total unrecognized revenue (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(31,631)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Total costs (income), net (*)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(31,631)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" 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 (c) of CPC 33 &#8211; Employee benefits, IAS 19 &#8211; Employee benefits. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Breakdown of actuarial gains and losses in 2010 is as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 70%; MARGIN-LEFT: 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Actuarial gains and losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;184,671 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Restriction due to recovery limitation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(99,509)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Total cost of actuarial (gains) and losses</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>85,162 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Actuarial gains and losses history in 2010 is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 0.95pt"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.15pt; FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 70%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Present value of the defined benefit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>1,982,556 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Fair value of the plan assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>(2,316,018)&nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Surplus</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;(333,462)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Adjustment to the plan liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>225,341 &nbsp;</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Adjustments to the plan assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>40,669 &nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>105 </FONT></B></FONT></B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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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<TR style="PAGE-BREAK-INSIDE: avoid; mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>The main actuarial assumptions used were as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="70%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="30%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Actuarial financing method</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Unit Credit Projected</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Functional currency</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Real (R$)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Accounting for the plan assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>Market value</FONT></P></TD></TR>

<TR style="HEIGHT: 45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Value used as estimate of equity at the end of the year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Best estimate for the equity at the end of the fiscal year, using the projection of amounts recorded in October</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Discount rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>10.66%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Inflation rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>4.40%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Salary increase nominal rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>5.44%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Benefit increase nominal rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>4.40%</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Rate of return on investment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif>11.31% - 12.21%</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>General mortality table</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;AT 2000 by gender </FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Disability entry table </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif>Mercer Disability with probabilities x 2</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Disabled mortality table </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;Winklevoss - 1% </FONT></B></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Turnover table</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="30%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;2% p.a. millennium plan, null for defined benefit plans </FONT></P></TD></TR>

<TR style="HEIGHT: 45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Retirement age</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="30%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;100% on the first date the individual becomes eligible to a retirement benefit scheduled by the plan </FONT></B></P></TD></TR>

<TR style="HEIGHT: 39pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 39pt; PADDING-TOP: 0cm" vAlign=bottom width="70%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Family breakdown of active participants</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 39pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" align=middle>

   <P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;95% will be married at the time of retirement, the wife is 4 years younger than the husband </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Post-employment health care plan</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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 &#8211; CBS.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Amounts registered in the balance sheet on December 31, 2010, were determined as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 70%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Present value of obligations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;367,839 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;367,839 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Interest on actuarial liability was R$35,457 in 2010.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>106</FONT></B></FONT></B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The reconciliation of liabilities of health benefits is as follows:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 70%; MARGIN-LEFT: 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Actuarial liabilities in the beginning of the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>317,145 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Cost of current service</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;35,457 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Sponsor's contributions calculated for the previous year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>(33,064)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Recognition of (Gains)/Losses in the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>48,301 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Actuarial liabilities in the end of the year</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>367,839 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Actuarial gains and losses registered in shareholders&#8217; equity are as follows: </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 70%; MARGIN-LEFT: 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Actuarial liability losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>&nbsp;48,301 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Losses recognized in shareholders' equity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>48,301&nbsp;</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Actuarial gains and losses history is as follows: </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 70%; MARGIN-LEFT: 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>12/31/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Present value of defined benefit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=#000000 face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=#000000 face=Arial,sans-serif>367,839 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Deficit/(Surplus)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>&nbsp;367,839 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="80%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Adjustments to the plan liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>48,301 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif>Actuarial assumptions used to calculate post-employment health benefits were as follows: </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0pt; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 3.5pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Biometrics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>General mortality table</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>AT 2000 by gender</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Turnover</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>N/A</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Family breakdown</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Real breakdown</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Financial</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>31/12/2010</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Nominal rate of actuarial discount</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>10.77%</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Inflation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>4.40%</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Increase in Medical Assistance Costs due to age</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>1.50%</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Arial,sans-serif>Nominal growth rate in Medical Assistance Costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>2.31%</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="75%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>Average Medical Assistance Costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="25%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face=Arial,sans-serif>316.22 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter108"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>107</FONT></B></FONT></B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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

&nbsp; <A name="page_109"></A>

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<a name="_bclHeader109"></a><DIV>

<P style="MARGIN: 0cm 0cm 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: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; mso-padding-alt: 0cm 2.15pt 0cm 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: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="88%">

   <P style="MARGIN: 0cm 0cm 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" lang=EN-US color=black face=Arial,sans-serif>ITR &#8211; QUARTERLY FINANCIAL INFORMATION &#8211; March 31, 2011 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT style="mso-bidi-font-size: 6.0pt; mso-bidi-font-family: Arial; mso-fareast-language: PT-BR">&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="12%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 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" lang=EN-US face=Arial,sans-serif>Version: 1</FONT></FONT></H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>COMMITMENTS &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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"> </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Take-or-pay contracts</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On March 31, 2011, the Company had take-or-pay agreements, as shown below:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Payments</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" colSpan=13>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Minimum future commitments</FONT></B></P></TD></TR>

<TR style="HEIGHT: 23.25pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Nature of Service</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Contract conditions</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>2010</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>After 2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Iron ore transportation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>Transportation of at least 80% of the tonnes agreed upon by MRS.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>19,304</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>20,545</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>102,024</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>136,032</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>136,032</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>136,032</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>136,032</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>68,303</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>714,455</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="30%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>Iron ore, coke and coal transportation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>Transportation of 8,280,000 tonnes p.a. for coal, coke and other reduction products is 3,600,000 tonnes p.a.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>6,622</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>100,059</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>100,060</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>200,119</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="30%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Mining products transportation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>Transportation of at least 1,900,000 tonnes p.a.&nbsp; </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>247</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>47,314</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>63,085</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>63,085</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>173,484</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="30%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>FCA railway transportation of clinker to CSN Cimentos.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>Transportation of at least 675,000 tonnes of clinker p.a. in 2011 and 738,000 tonees of clinker p.a. as of 2012.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>18,479</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>26,937</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>26,937</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>26,937</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>26,937</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>116,727</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>242,954</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="30%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Steel products railway transportation.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>Rail transportation of at least, 20,000 tonnes of steel products monthly, originated at &#193;gua Branca Terminal in S&#227;o Paulo for CSN PR in the city of Arauc&#225;ria - PR.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>2,727</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>11,070</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>3,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>14,760</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="30%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>Supply of gas (oxygen, nitrogen and&nbsp; argon).</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>CSN undertakers to buy, at least, 90% of the annual volume of gas contracted with White Martins.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>30,254</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>70,591</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>94,121</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>94,121</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>94,121</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>94,121</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>94,121</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>541,196</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="30%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Supply of natural gas.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>CSN undertakes to buy at least, 70% of the natural gas monthly volume </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>105,966</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>93,107</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>203,909</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>271,878</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>475,787</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="30%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>Supply of iron ore pellets.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>CSN undertakes to buy at least, 90% of the volume of iron ore pellets secured by contract.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>20,475</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>76,054</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>127,657</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>170,210</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>170,210</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>113,473</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>581,550</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="30%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Supply of natural gas.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>CSN undertakes to buy at least, 80% of the natural gas monthly volume contracted with Compag&#225;s.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>3,902</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>3,001</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>9,308</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>12,410</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>12,410</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>12,410</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>12,410</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>111,692</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>170,640</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="15%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="30%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Energy supply.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>CSN undertakes to buy, at least,&nbsp; 80% of the energy annual volume contracted with COPEL.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>3,061</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>2,769</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>5,616</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>7,487</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>7,487</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>7,487</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>7,487</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>44,925</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>80,489</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>Supply of Blast Furnace Mud generated in the pig iron manufacturing process.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>CSN undertakes to buy, at least, 3,000 tonnes monthly of blast furnace mud to be processed at CSN's mud concentration mill.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal" lang=EN-US color=#000000 face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>1,358</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>4,860</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>6,480</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>6,480</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>6,480</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>6,480</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>46,980</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>77,760</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 70.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="15%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Processing of slag resulting from pig iron and steel manufacturing process.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>Harsco Metals undertakes to execute the processing of metal products and crushing of slag resulting from CSN pig iron and steel manufacturing process , receiving for this processing the amount corresponding to the product of multiplication of unit price (R$/t) by total production of liquid steel from CSN steelmaking shop, ensuring a minimum production of liquid steel of 400,000 tonnes.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>9,101</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>10,381</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>21,312</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>28,416</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>28,416</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>14,208</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 70.5pt; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>92,352</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="15%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp; 198,685 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp; 210,189 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp; 722,197 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp; 920,806 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp; 545,178 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp; 411,148 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp; 283,467 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>482,748 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="5%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>&nbsp; 3,365,544 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Concession agreements</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>On March 31, 2011, the minimum future payments referring to governmental concessions have the following maturities:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="55%" colSpan=13>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" color=black face=Arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="44%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Nature of service</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>2014</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>After 2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>Total</FONT></B></P></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>30-year concession, renewable for another 30 years, ref. to the transportation of iron ore of Casa de Pedra mines in Minas Gerais, coke and coal from Itagua&#237; Port in Rio de Janeiro to Volta Redonda and exports from Itagua&#237; and Rio de Janeiro Ports.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>7,080 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>9,440 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>9,440 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>9,440 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>9,440 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>4,720</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>49,560</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="44%"><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>30-year concession granted on December 31, 1997, renewable for another 30 years for the development of public utility to explore the railway system of northeast region of Brazil. The northeast railway system comprises 4,238 km of rail network and operates in the cities of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif></FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>4,357</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>5,809 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>5,809 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>5,809 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>5,809 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>69,705</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 45pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>97,298</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="44%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>Concession to operate TECAR, a solid bulk terminal, one of the four terminals comprising Itagua&#237; Port, located in the city of Rio de Janeiro, for a period falling due in&nbsp; 2022 and renewable for another 25 years.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>2,356</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>3,220</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>3,300</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>3,300</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>3,300</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>23,100</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" color=#000000 face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>38,576</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="44%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="44%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US color=#000000 face=Arial,sans-serif>25-year concession granted on September 3, 1998 , renewable for another 25 years, to operate the container terminal at Itagua&#237; Port.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>15,368</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>20,490</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>20,490</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>20,490</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>20,490</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>215,142</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" color=#000000 face=Arial,sans-serif>312,470</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap><FONT style="FONT-SIZE: 7pt">&nbsp;</FONT></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>29,160 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>38,959 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>39,039 &nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>39,039 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>39,039 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>312,667 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" face=Arial,sans-serif>497,903 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>INSURANCE&nbsp;</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 </FONT>


<FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>Insurance), General Civil Liability, Engineering Risks, Sundry Risks, Export Credit, Guarantee Insurance and Port Operator Civil Responsibility. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 de Pedra, Minera&#231;&#227;o Arcos, CSN Paran&#225;, Terminal de 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: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; 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 review of the quarterly financial information, and, consequently, they were not reviewed by our independent auditors.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; punctuation-wrap: hanging"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" 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; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>SUBSEQUENT EVENTS</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>On April 20, 2011, the Company adhered to the tender offer of Riversdale Mining Limited (&#8220;Riversdale&#8221;) shares conducted by Rio Tinto. Therefore, the Company will sell its 100% equity interest held in Riversdale&#8217;s capital stock, corresponding to 47,291,891 shares at the price of A$16.50 per share, totaling A$780,316.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>On April 20,2011, the Company took out a loan operation by means of export credit note, totaling R$1.5 billion with Banco do Brasil S.A.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face=Arial,sans-serif>On April 20, 2011, the Company increased its interest in the capital stock of Usiminas, through the acquisition of common and preferred shares, now holding 10.01% of common shares and 5.25% of preferred shares.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 14pt" lang=EN-US color=black face=Arial,sans-serif>Independent Auditors&#8217; Review Report on Interim Financial Information</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>(a free translation from the original in Portuguese)</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>To</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif>The Board of Directors and Shareholders </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=Arial,sans-serif>Companhia Sider&#250;rgica Nacional</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=Arial,sans-serif>S&#227;o Paulo &#8211; SP</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We have reviewed the individual and consolidated interim financial information of Companhia Sider&#250;rgica Nacional (the Company), included in the Quarterly Financial Information - ITR for the quarter ended March 31, 2011, comprising the balance sheet and the statements of income, comprehensive income, changes in shareholders&#8217; equity and cash flows for the quarter then ended, including its explanatory information.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Management is responsible for the preparation and fair presentation of these individual interim financial information in accordance with technical pronouncement CPC 21 &#8211; Interim Financial Information and the consolidated</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>interim financial information in accordance with CPC 21 and IAS 34 &#8211; Interim Financial Reporting, as issued by the International Accounting Standards Board - IASB, and presented in a manner consistent with the rules issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of the Quarterly Financial Information. Our responsibility is to express a conclusion on this interim financial information based on our review.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Scope of Review</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif><BR>We conducted our review in accordance with the Brazilian and International standards on interim financial information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Conclusion on the individual Quarterly Financial Information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual interim financial information included in the Quarterly Financial Information described above, were not prepared, in all material respects, in accordance with CPC 21 applicable to the preparation of the Quarterly Financial Information and presented in a manner consistent with the rules issued by the Brazilian Securities and Exchange Commission.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 10pt; punctuation-wrap: simple"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Conclusion on the consolidated Quarterly Financial Information</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information included in the Quarterly Financial Information described above were not prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of the Quarterly Financial Information and presented in a manner consistent with the rules issued by the Brazilian Securities and Exchange Commission.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Emphasis of matter paragraph</FONT></B></P>

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<P style="MARGIN: 0cm 0cm 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As mentioned in note 2, the interim financial information were prepared in accordance with the accounting practices adopted in Brazil and presented in accordance with CPC 21 applicable to the preparation of the Quarterly Financial Information in a manner consistent with the rules issued by the Brazilian Securities and Exchange Commission. In the case of Companhia Sider&#250;rgica Nacional the accounting practices differ from the IFRS, applicable to the separate financial statements, only with respect to the measurement 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: 0cm 0cm 10pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>As mentioned in note 30 to the Quarterly Financial Information, 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>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="LINE-HEIGHT: 13pt; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Other matters</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Statement of value added </FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; VERTICAL-ALIGN: top; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>We also reviewed the individual and consolidated interim information of value added (DVA), for the quarter ended on March 31, 2011, for which the</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>disclosure in the interim information is required in accordance with the rules issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of Quarterly Financial Information and considered additional information for IFRS, which does not require this disclosure. These statements were submitted to the same review procedures previously described and, based on our review, nothing has come to our attention that would lead us to believe that they have not been prepared, in all material respects, in accordance with the individual and consolidated Quarterly Financial Information taken as a whole.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif>S&#227;o Paulo, May 3, 2011</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif>KPMG Auditores Independentes</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>CRC 2SP014428/O-6</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><I><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Original in Portuguese signed by</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Anselmo Neves Macedo</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>Accountant CRC 1SP160482/O-6</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 11pt" lang=EN-US color=black face=Arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 35.4pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Arial,sans-serif></FONT>&nbsp;</P>

<a name="_bclFooter112"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt; punctuation-wrap: simple" align=right><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>Page </FONT><B><FONT style="mso-bidi-font-weight: normal"><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif>111</FONT></B></FONT></B><FONT style="FONT-SIZE: 6pt" lang=EN-US face=Arial,sans-serif> of 111 </FONT><FONT style="mso-bidi-font-size: 6.0pt">&nbsp;</FONT></P></DIV></DIV>

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<DIV style="PAGE-BREAK-BEFORE: always">

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>SIGNATURE </B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;May 19, 2011</FONT></DIV>

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<DIV align=center>

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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>

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=middle>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>

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</TD></TR>

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   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=middle>

   <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>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<P></P>

<P>&nbsp;</P>

<P></P>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left>&nbsp;</DIV></TD></TR>

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   <DIV align=left></DIV></TD></TR>

<TR>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=middle>

   <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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<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=middle>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Paulo Penido Pinto Marques </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Chief Financial Officer and Investor Relations Officer<BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

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<P>&nbsp;</P>

<P></P>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P></P>

<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>
